Home Highlights December 2011 Year 2011 This

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1. Reopening of assessment u/s 147 - doctrine of res judicata - principal of consistency - Consistency does not mean putting iron fetters on the subsequent decision making;...

2. Income accrued in India - Benefit of consistency on the basis of orders for earlier assessment years - There was complete silence on this issue by the assessing officer...

3. Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a...

4. Principle of consistency - There is a significant value which must attach to observing the requirement of consistency and certainty. Individual affairs are conducted and...

5. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

6. Rectification application u/s 254 - Tribunal not followed the decision on the identical facts by the Coordinate Bench which is confirmed by this Court - The Court...

7. Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

8. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

9. Correct head of Income - income towards Mall Operating Revenue - taxable under the head Income from House Property or Income from Business and Profession - principle of...

10. Nature of receipts - interest earned on FDs during the year was prior to commencement of business - The Appellate Tribunal referred to a previous decision involving the...

11. Insertion of new Chapter XII-EB - Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be...

12. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

13. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

14. The clarification addresses a crucial issue concerning the interpretation and application of section 44AE of the Income Tax Act. By providing clarity on the calculation...

15. Disallowance of foreign exchange fluctuation loss on sale proceeds held in the EEFC account - ITAT deleted addition - The High Court, after considering the arguments...