Home Highlights September 2014 Year 2014 This

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1. Claim of deduction of Provisions made - Basis of creating the provision - uncertain liability or not - The above facts would substantiate that the provision has been...

2. Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

3. Consideration for the services - Valuation - Mining services - whether entitlement towards “Cost Petroleum” under the “Production Sharing Contract” can be treated as...

4. Payment of tax at compounded rates - Levy of VAT / Tax on immovable property or works contract - The imposition of tax on the whole contract value, the State cannot be...

5. LTCG - Deduction u/s 54 - Adoption of the cost of acquisition of new asset - - what is to be treated as cost of the residential house is the entire cost of house and it...

6. Disallowance on account of depreciation claimed on the cost incurred in relation to the land being non depreciable asset - To our understanding, the impugned expenses...

7. Valuation of this remnant ATF - cost of transportation - where transportation of goods is involved and cost is actually incurred or is liable to be incurred for such...

8. A.O. to consider the repayment of liabilities of the donor, made by the assessee as that which is incurred to perfect his title of the property and thus it is cost of...

9. LTCG - Computation of cost of acquisition of the property - Unless the Assessing Officer proves that the assessee has demolished existing building and dismantled...

10. Supply of manpower services or job work contract - suppression of facts or not - On reading the agreement as a whole, it is apparent that the contract is pure and simple...

11. Substitution of new section for section 80JJAA- Deduction in respect of employment of new employees. - Deduction under the proposed provisions will be available in...

12. Addition on account of diamond set received as gift by the appellant - The CIT(A) accepted the appellant's submission that the diamond set was indeed gifted by his late...

13. Termination of contract - non-performance of the contract - the termination of the contract was illegal and without following due procedure as required under the...

14. TDS u/s 194H - provision towards commission made - As similar provisions were made in earlier years as well as subsequent years by the assessee and the TDS was not...

15. Disallowance of expenditure incurred towards free samples - On a perusal of material placed before us, it is noticed that the cost incurred by the assessee towards...