Home Highlights April 2016 Year 2016 This

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1. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

2. Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...

3. Deemed dividend u/s 2(22)(e) - one of the partners of the assessee firm was holding major share holding - Since the assessee firm was not shareholder in the lender...

4. Cash credit u/s 68 - assessee is a partner has declared income under IDS 2016 but the declaration failed as the taxes due on income declared was not paid by the firm -...

5. Initiation of CIRP - Proxy of Corporate Debtor - two separate entities - whether any admission or communication sent by SNG Developers Ltd. can be considered as being...

6. Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...

7. Taxability of the remuneration received from the partnership firm and interest on capital contribution made by the partner of the firm in the absence of any business...

8. DTAA between US & India - Royalty or sale of copyrighted articles / softwares - though the amount constitute royalty, but the same is not assessable in the hands of the...

9. Income assessed in hands of HUF – capital gains and interest income - To avoid double taxation the same cannot be assessed again in the individual capacity - AT

10. Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...

11. Liability of service tax / GST - service rendered to Haj pilgrims - Place of supply of services - As per Item (iv) of sub-clause (b) of Clause (i) of Rule 2 of the said...

12. Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

13. Income recognition - income accrued - assessee received consultancy fees from UG Hospitals Pvt. Ltd.for the term of five years - assessee’s reliance of AS-9 issued by...

14. Short Term Capital Gain - conversion of the Partnership Firms into Companies - Additions in the hands of partners - CIT (Appeals) correctly deleted the additions on...

15. Price reduction of purchase which was offered to tax in subsequent AY - If the income does not result at all, there cannot be a tax, even though the book keeping entry...