Home Highlights August 2012 Year 2012 This

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1. Claim of interest u/s 214 - claim of the assessee is for payment of compensation on account of the delay in payment of the interest amount - claim allowed - HC

2. Royalty payment - revenue expenditure or capital expenditure - payment is purely revenue in nature, as they provide for payment of license fee for manufacture and sale...

3. Nature of receipt - amount received by the assessee firm as a compensation for pre-closure of its BOT projects - Revenue or capital receipt - both the learned...

4. Addition u/s.56(2)(viii) - interest for delayed payment of compensation under the Land Acquisition Act - interest received by the assessee towards delayed payment of...

5. Additions as interest income - compensation received by the assessee - As the business of assessee was set up and had started and there was huge investment made by...

6. TDS u/s 194C - payments made by the assessee to its affiliates - Payment towards face value of the meal vouchers to the affiliates - The entire scheme relating to...

7. Claim of the assessee u/s. 89 r.w. Rule 21A of I.T. Rules - The basis of compensation calculated by the company and the company also treated the one-time compensation as...

8. Denial of exemption u/s 11 - Assessee is claimed to be a trust carrying on activities of providing swimming pool facilities for aquatic events and training and...

9. Relief u/s. 89 - ex-gratia amount of compensation to each of the 275 employees provided they accept the closure and termination of their services without agitating the...

10. Dishonor of Cheque - grant of interim compensation - It becomes apparent that the provision of Section 143A of the NI Act, 1881 has essentially to be held to be...

11. Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

12. Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

13. Dishonor of Cheque - recovery of interim compensation as land revenue - public demand or not - Once it is held that the interim compensation ordered under the NI Act...

14. Characterization of receipt - in respect of business exigencies the compensation specially in respect of damage to properties through fire or any other activities, the...

15. Interest u/s 214 and 244 - Interest on interest for late grant of refund - it is only that interest provided for under the statute which may be claimed by an assessee...