Home Highlights February 2014 Year 2014 This

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1. Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

2. Accrual of income - accounting treatment in respect of prepaid cards - there must be the “right to receive the income on a particular date, so as to bring about a...

3. Income accrued in India - Salary income - services rendered outside India - AO objected that evidence was not produced for receiving the foreign allowance outside India...

4. Declared service or not - amount of compensation received by the appellant on the act of tolerance by receiving the claim for poor quality of the goods - The said act is...

5. Accrual of Income - Addition towards service fees received - Income can be recognized only when it is earned or accrued i.e. there is a right to receive. In the present...

6. Service charges received by the assessee from tenants - Income from house property or business income - service charges received by the company from the tenants is...

7. Refund claim - credit of additional duty of customs (CVD) on inputs imported - It is clear that even as per the tripartite contracts, the appellants are a sort of...

8. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

9. Levy of service tax - tolerance of act of cancellation of coal blocks - the Government employee has tolerated the non-sanction of leave during his service as per an...

10. Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

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

12. Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

13. 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...

14. Correct head of income - interest received under Section 28 of the Land Acquisition Act, 1894 - part take the character of the compensation and would fall under the head...

15. Unexplained cash credit u/s.68 on account of relinquishment of right - the amount of the compensation received by the assessee for relinquishment of its right to sue...