Home Highlights May 2015 Year 2015 This

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1. Accrual of income - subscription monies received in advance - Addition on account of deferred income - CIT-A deleted the addition - The subscription monies received in...

2. Revision u/s 263 - Revenue recognition against advances received - It is the other party who makes the payment, who has not objected or had not made any claim against...

3. TP - Non compete fees - Estimation of income - assessee had signed non compete agreement - no justification for non payment of non compete fees to the assessee -...

4. Source of Cash deposited into the Bank Account - Agricultural income - advances received from customers in land transactions - CIT(A) ought to have considered the...

5. Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance...

6. Income recognition - income accrued - assessee received consultancy fees from UG Hospitals Pvt. Ltd.for the term of five years - assessee’s reliance of AS-9 issued by...

7. Non-Compete fees - taxability - chargeable to tax as ‘business income’ - AT

8. Advance received in the nature of imprest money in the fiduciary capacity for overseas client - amount of professional advances received by the assessee accepting money...

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

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

11. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

12. Nature of receipts - non-refundable security deposits - CIT(Appeals) has rightly concluded non-refundable security deposits received by appellant has nexus with O&M...

13. Re-assessment of processing fee - Recognition of income - Method of accounting - Assessments for previous and later years following this consistent method of accounting...

14. Liability of service tax - advance deposit received for Renting of Immovable Property Services - refundable security deposit - Such refundable amount cannot form...

15. Accrual of income - advance receipt of golf course membership fee - Merely because the income, which is pertaining to subsequent years, is received by the assessee in...