Home Highlights January 2015 Year 2015 This

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1. Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

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

3. Penalty U/s 271(1)(b) - As only source of income of the assessee is from salary from Government of Rajasthan on which TDS has all ready been deducted and apart from this...

4. Levy of tax on interest income - Status of the assessee - Resident but not ordinarily resident - NRI Account - Provisions of Section 5(2) are also not applicable as the...

5. Remittance from outside India - revenue v/s capital receipt - onus to prove - assessee could not discharge his onus and could not prove that the money has come out of...

6. Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that...

7. Duty of AO to Guide the Assessee - Considering the specific facts on record that the assessee is non resident the amount which the ld. AO has taxed is earned and sourced...

8. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

9. Additions u/s 68 - income from un-disclosed sources - Agriculture Income or not - exemption of income u/s 10(1) read with Section 2(1A) denied - onus to prove - The...

10. Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

11. Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

12. Undisclosed income - addition on the basis of amount reflected in Form No.26AS - No dispute with regard to the fact that the AO taxed the entire difference of receipts -...

13. Penalty u/s 271(1)(c) - Defective notice u/s 274 - non specification of charge - AO has miserably failed to specify in the notice issued under section 274 read with...

14. 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) -...

15. Penalty u/s. 271(1)(c) - unexplained share application money and unsecured loans - No incriminating material was found during the curse of search relating to the alleged...