Home Highlights May 2013 Year 2013 This

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1. Deed of pledge of shares - voting right - The express terms of the Deed of Pledge will prevail - In the present case the use of the pledged goods will include exercise...

2. Foreign tax credit claimed under Article 24 of India- UK DTAA read with Section 90 - assessee who is a resident of India and has derived from salary which has suffered...

3. Depreciation on leased assets - section 32 - Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income - depreciaion allowed - HC

4. Accrual of income u/s 2(24) - Scope of Amendment to Section 2(24) by the insertion of sub-cause (xviii) - taxability of incentives given by the Government - the...

5. Settlement of cases - Period of limitation for rectification of mistake - if any right has been conferred by the Legislature, it equally has the right to take it away or...

6. Relinquishment of right before development - Right to sue surrendered in lieu of getting compensation money - capital gain or business income - the impugned compensation...

7. Validity of order of Settlement Commission - acceptance of additional income disclosed by the assessee - Petitioner/Income Tax authority could not make out any...

8. Taxability of compensation received - nexus with professional activities - the said compensation did not accrue / arise out of exercise of profession by the assessee and...

9. Applicability of Article 8 vis-a-vis Article 24 of DTAA - DTAA between India and Singapore - shipping income - Article 24 only envisages territorial and jurisdictional...

10. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...

11. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

12. Composition scheme - exercising option prior to payment of service tax - The payment of tax under the composition scheme upon notification of the scheme vide a...

13. Addition u/s 68 - By "right person", we mean the person who is liable to be taxed, according to law, with respect to a particular income. The expression "wrong person"...

14. Taxability of shares premium u/s 56(2)(viib) - AO was required to undertake the exercise of fact finding by determining the FMV of the Shares in question as per...

15. Disallowance of depreciation on assets acquired and leased back - On a combined reading of Section 2(13) and Section 2(24) the income derived from leasing of the trucks...