Home Highlights November 2010 Year 2010 This

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1. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

2. Addition u/s 68 - Addition on the basis of income shown in Form No. 26AS - Mercantile system of accounting - There can be overflow of income of one preceding previous...

3. Income accrued or received by assessee - overdue interest income - Under mercantile system, interest income accrues with the time. In such cases, interest charged and...

4. Accrual of interest expenditure / income - CIT(A) deleted the disallowance u/s 36(1)(iii) - Where there is no certainty of collection, revenue cannot be said to be...

5. Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...

6. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

7. Accrual of income - method of accounting to recognize the revenue - Addition made for excess interest spread ('EIS') income earned on assignment of receivables - AO has...

8. Accrual of income - Revenue recognition - real or hypothetical income - The assessee did not raise any demand on account of wheeling charges and since, there was...

9. Accrual of income - Income from advance license benefit - income does not accrue in the year of export but in the year in which the imports are made - HC

10. The income relatable to earlier year cannot be added to the income of this year - AT

11. TP Adjustment - MAP Settlement - the provisions of the amended Rule 44G(5) stipulate that there shall not be a decrease in the income or increase in the loss of an...

12. Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but...

13. 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...

14. Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

15. Validity of reopening of assessment - An order u/s 245D(4) already been passed by the Income Tax Settlement Commission (ITSC) - Scope of harmonious construction - The...