Home Highlights May 2014 Year 2014 This

You may also like:

1. Levy of GST - Services of Membership Association - amounts collected from its members for setting up the 'Sinking Fund'/ Corpus Fund - supply of goods or services or...

2. TP Adjustment - Purchase of fixed assets - TPO added the entire amount of fixed assets purchased by the assessee from its AE’s during the year - the fixed assets...

3. Additions against fixed deposit in the name of family members and interest income - Admittedly, the amount of fixed deposit in the name of family members can adequately...

4. Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...

5. Deduction claimed u/s. 54 - delay in depositing unutilized amount in capital gains account deposit scheme - Assessee has explained reasons for depositing unutilized...

6. Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined...

7. Penalty u/s. 271D - trade advances received for the purpose of supply of goods dealt by the assessee - cannot be characterized as loan or deposit - Such trade advances...

8. Interpretation of statute - calculation of amount of pre-deposit u/s 18 of the SARFAESI Act - 50% of which amount the borrower is required to deposit as pre-deposit -...

9. Requirement of pre-deposit - Direction to deposit 75% of the awarded amount in terms of Section 19 of Micro, Small and Medium Enterprises Development Act, 2006 -...

10. Exemption u/s 11 - assessee has not shown that the amount kept in fixed deposits have been allocated to or earmarked for a charitable purpose - Section 11(1A) is...

11. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

12. Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

13. Denial of deduction/exemption under section 54EC - advance received in specified assets before the date of transfer of asset - the Board have decided that if the...

14. Supply or not - Refundable Interest Free Deposit (assume ₹ 2500) - the amount of ₹ 2500/- will not attract the GST being the deposit unless the supplier...

15. Deemed dividend addition u/s 2(22)(e) - The sum so paid has been adjusted towards security deposit which is evident from the books of the company and therefore, the...