Home Highlights September 2012 Year 2012 This

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1. Penalty u/s. 271(1)(c) - assessee had wrongly shown the rental income as 'business income' - Even the pertinent fact on the file is that in the immediate preceding...

2. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

3. Income from hoarding whether income from business or income from other sources - income of Municipal Corporation - taxable as income from other sources and exempt u/s 10(20) - HC

4. Reopening of assessment u/s 147 - Income from other sources or business income - The impugned reopening itself is not sustainable in the light of the alleged twin...

5. Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

6. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

7. Business Services Charges for providing Business Service Centre - income from house property or Business Income - AO directed to treat the income earned by the assessee...

8. Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

9. 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...

10. Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

11. Taxability of shipping income - Shipping income as dealt by Article-8 states that profits derived by an enterprise of a contracting state by operation of ships in...

12. Income from leasing the hotel was income from business and not income from house property - AT

13. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

14. Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

15. 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...