Home Highlights September 2012 Year 2012 This

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1. Diversion of income by way of overriding title - legal heirs of the deceased partner was paid a sum as per the partnership deed - Diversion of income at source can take...

2. Diversion of income by an overriding title - the payment made to ex-partners or to the spouses of the deceased partners was not application of money - it was a case of...

3. Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted...

4. Registration under Section 12A - diversion of income by overriding title - Wwhatever the assessee does out of the grant and interest accrued can only be said to be...

5. Profit sharing agreement - Diversion of income by overriding title or mere application of income - the assessee has been obligated by virtue of the agreement to divert...

6. Diversion of income by overriding title - merely because the moneys flow through the assessee, it cannot be automatically inferred that it is income in the hands of the...

7. Long Term Capital Gain - sale of property - diversion of income due to overriding title - whether the sale of the property has been made directly by the SBI and the sale...

8. Diversion of income by overriding title - payment to expartners or spouses of deceased partners - amount was a prior and overriding charge on the receipts of the firm in...

9. Capital Gains - diversion of income by overriding title - the theory of real income cannot be applied to allow deduction to the assessee which is otherwise not...

10. Taxability of capital gain - Diversion of income - mortgage by deposit of title deeds, the mortgagee, Bank does not acquire title, much less overriding title to the...

11. Diversion of income by overriding title - interest earned on grants – The directives created an overriding title in favour of the State Government – thus, the interest...

12. Diversion of income by overriding title - obligation of attached to income or to its source - trading receipt or not - Matter remanded back to CIT(A) to readjudicate the issue - SC

13. Exemption u/s 11 denied - ssessee was not registered u/s 12AA - The activity of the assessee cannot be treated as business because the assessee had not rendered to any...

14. Diversion of income by overriding Title - The assessee has acted as nodal or implementing agency for the schemes framed by GOI. Hence the amounts transferred to TDF/WDF...

15. Penalty u/s 271(1)(c) - transfer of title - diversion of income by overriding title - Once assessee has complied with the terms of the Will and the family arrangement...