Home Highlights November 2011 Year 2011 This

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1. Taxability of capital gain - Diversion of income - mortgage by deposit of title deeds, the mortgagee, Bank does not acquire title, much less overriding title to the...

2. Long Term Capital Gain - sale of property - diversion of income due to overriding title - whether the sale of the property has been made directly by the SBI and the sale...

3. Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted...

4. Profit sharing agreement - Diversion of income by overriding title or mere application of income - the assessee has been obligated by virtue of the agreement to divert...

5. Diversion of income by overriding title - merely because the moneys flow through the assessee, it cannot be automatically inferred that it is income in the hands of the...

6. Registration under Section 12A - diversion of income by overriding title - Wwhatever the assessee does out of the grant and interest accrued can only be said to be...

7. Diversion of income by an overriding title - the payment made to ex-partners or to the spouses of the deceased partners was not application of money - it was a case of...

8. Diversion of income by overriding title - obligation of attached to income or to its source - trading receipt or not - Matter remanded back to CIT(A) to readjudicate the issue - SC

9. Diversion of income by way of overriding title - legal heirs of the deceased partner was paid a sum as per the partnership deed - Diversion of income at source can take...

10. Diversion of income by overriding title - interest earned on grants – The directives created an overriding title in favour of the State Government – thus, the interest...

11. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

12. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

13. Diversion of income by overriding title - amount paid by the assessee to wife of deceased partner of the firm - deduction allowed - AT

14. Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

15. Computation of capital gains - deduction towards repayment to bank loan which was treated as NPA by the bank - the consideration from sale of property to the extent of...