Home Highlights June 2014 Year 2014 This

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1. Addition u/s 68 - credit of undisclosed income - it was declared before settlement commission that company has earned the undisclosed income and routed in books through...

2. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

3. Explanation to section 73 - share trading - If the income declared u/s. 132(4) is considered to be “Income from other sources”, then the main income of assessee would...

4. Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

5. Unaccounted purchases - unaccounted income of the assessee - it is difficult to accept the arguments of the assessee that income earned out of unaccounted sales is...

6. Unexplained money u/s 69A or investment u/s 69 - Once an AO finds that an investment has been made, he has to examine the Assessee's explanation as to the source of that...

7. Addition made on account of short term capital gain - it is evident that the gross total income o the company consisted mainly of income which is chargeable under the...

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

9. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

10. Unaccounted cash payments / expenditure - unaccounted cash receipts from patients - Addition u/s 69C - levy of tax u/s 115BBE at higher rate of tax - proof of source of...

11. Income from hoarding whether income from business or income from other sources - income of Municipal Corporation - taxable as income from other sources and exempt u/s 10(20) - HC

12. Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

13. Deduction of interest expenditure incurred on borrowed funds u/s 57 - Interest incurred on borrowed funds utilized for making investment in shares in company of...

14. Loan and investment by company - the restrictions on layers of investment companies deleted - Section 186 of the Companies Act, 2013

15. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...