Home Highlights August 2015 Year 2015 This

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1. Correct head of income - nature of receipt from lease/ rent - the assessee employed commercial assets to earn income. Unless and until the income is treated as business...

2. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

3. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...

4. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

5. Accrual of income - An income from the MOU/lease agreement cannot be said to have accrued or arisen or become legally due to assessee till the time the underlying...

6. Penalty u/s 271(1) (c) - period of limitation - treatment of lease rent income - in the revised return, assessee claimed the same as income from house property to claim...

7. Accrual of income - Taxability of advance license benefit receivable - assessee could not contend while filing the return of income that such income should not be...

8. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

9. Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

10. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

11. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

12. Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

13. TDS credit treated as income of the assessee - Nature of income - essentially the TDS credit now claimed by the assessee is in the nature of an additional income over...

14. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

15. Correct head of income - lease income received by the assessee - the income earned by the assessee by constructing the shopping mall and letting out the same by...