Home Highlights January 2015 Year 2015 This

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1. Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

2. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

3. Addition on account of alleged on-money - Applicability of section 50C - The assessee has duly discharged the onus of proving that the sale consideration as actually...

4. Bad debts - Allowability towards service tax which was written off as bad debt u/s. 36(1)(vii) - Since service tax payment recovery is denied by the DIP, the assessee...

5. Disallowing the claim of the assessee as 'slump sale' - No evidence on records to show entries regarding transfers of current assets & liabilities - evidence...

6. Exemption u/s 3F of CST - The State legislature cannot by law, treat sales outside the State and sales in the course of import as 'sales' within the State by...

7. Works contract service - zero rated supply - deemed sale or not - Section 2(39) uses the expression “includes”. But what has been brought within the inclusive definition...

8. Deduction of bad debt written off u/s. 36(i) (vii) - lease rental - the prospects of recovery of lease rentals were quite bleak and the assessee considering that the...

9. Allowability of claim - additional claim by way of letter, which are not claimed in the return of income by the assessee - Deduction towards forex loss - Income...

10. Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

11. Exemption u/s 54EC - LTCG - applicability of deeming fiction application u/s 50C - the sale consideration deemed to have been received by the Assessee may be much higher...

12. Computation of LTCG - Based on a reading of Section 50CA of the Act, it is clear that where the actual sale consideration on transfer of unlisted equity shares is less...

13. Denial of refund claim - when the appellants themselves had discharged the tax liability, there cannot be any refund of the amount as the issue is considered as...

14. Sale of space of advertisement services - appellant's product KALDARSHIKA cannot be termed as a business directory, yellow pages or trade catalogue; hence it is to...

15. Disallowance of bad debts written off - Admittedly, the provision was created by the assessee in the earlier year out of the profit and loss account. Thus, any...