Home Highlights June 2014 Year 2014 This

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1. Business Services Charges for providing Business Service Centre - income from house property or Business Income - AO directed to treat the income earned by the assessee...

2. Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

3. Nature of income earned by the assessee from letting out of property - undoubtedly the main objects of the assessee company provides to carrying on the business of...

4. Classification of services - The activity undertaken by the applicant is waste treatment/processing of wet waste provided by GCC and maintenance of the designated Micro...

5. Correct head of income - The same land when assessee in case, decided to continue with the film production, will be used for the assessee’s business as business asset....

6. Income from house property - annual letting value of unsold flats - Estimating rental income by the AO for these three flats as income from house property was not...

7. Expenses incurred for earning interest income on estimation basis - AO is directed to allow 1% of expenses on account of interest income and on service charges income - AT

8. Correct head of income - lease income received by the assessee - the income earned by the assessee by constructing the shopping mall and letting out the same by...

9. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

10. Characterization of income - interest earned on ICDs - assessee is not in money lending business - when it is accepted that the assessee has taken a prudent business...

11. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

12. Correct head of income - letting out of Hotel/Resort as running business - treatment of revenue receipts from operation of Hotel/Resort - Contract for managing the...

13. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

14. Income earned from the shopping center -It was for the appellant to produce sufficient material on record to show that its entire income or substantial income was from...

15. Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...