Home Highlights October 2013 Year 2013 This

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1. Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

2. Capital receipt or revenue receipt - receipt of compensation under JV agreement - surrender of certain rights - there as no impairment of source of income - taxable as...

3. Revenue receipt or capital receipt - Foreign exchange gain written back on cancellation of vessel construction contract taxed u/s. 28(iv) - The ITAT agreed with the...

4. Nature of receipt against termination of lease agreement - taxable under the head income from other sources or income from house property or not taxable as capital...

5. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

6. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

7. Capital Receipt vs Revenue Receipt - Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed - AT

8. Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable...

9. Nature of receipt - capital receipt or revenue receipt - On the sale of excess Carbon Credits the income was received and it is capital receipt and it cannot be business...

10. Revenue receipt or capital receipt - there is no justification to treat the receipt of life membership subscription of the magazine differently other than the income receipt.

11. Nature of receipt - non- compete fee - capital or revenue receipt - Clearly, for the period in which the non-compete agreement was to operate, which in this case was 10...

12. 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...

13. Undisclosed income - Search proceedings - receipt in cash - As assessee is not able to justify and/or connect these receipts / payments as are found mentioned in loose...

14. Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

15. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...