Home Highlights August 2012 Year 2012 This

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1. Characterization of income - license fee received by the assessee for licensing a fully furnished hotel along with license to run the hotel is a business receipt, which...

2. Income from license fee arising from leave and license agreement entered into by the assessee company is chargeable to tax as income under the head “income from house...

3. Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

4. Set off of business loss against interest income taxable under the head income from other sources - as the assessee has not carried out any business activity during the...

5. Correct head of income - letting out of Hotel/Resort as running business - treatment of revenue receipts from operation of Hotel/Resort - Contract for managing the...

6. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

7. Reopening of assessment - assessee cannot be considered to be carrying on NBFC business - If the interest income is assessed under the head income from other sources,...

8. 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...

9. Correct head of income - interest income on FD - Income From Other Sources v/s income from business - The said interest income has been earned by the assessee in the...

10. Set off of brought forward business loss of earlier years - We also see no conflict in an income being taxable under the head profits and gains from business or...

11. Treatment of interest earned by assessee as “Income from Other Sources” - assessee did not claim for any exemption of interest income on the basis of ‘doctrine of...

12. Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

13. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

14. The investment in the excess stock has to be brought to tax under the head "business income" and not under the head "income from other sources" - HC

15. Applicability of higher rate of tax as per section 115BBE - income declared during the course of survey proceedings - Admittedly, the assessee had offered such...