Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

When the trading by the assessee company is accepted by the ...

Income Tax

January 25, 2016

When the trading by the assessee company is accepted by the Revenue as incidental to its main business during the earlier years, the income cannot be treated as income from other sources rather it is a business income - AT

View Source

 


 

You may also like:

  1. Disallowance of expenditure - loss by embezzlement by employees should be treated as incidental to business and the same should be allowed as deduction in the year in...

  2. Transfer pricing adjustment - Correspondent Banking Activities - The main business transactions have been accepted to be at arm’s length and hence, the ld. TPO cannot...

  3. Bond issue expenses – Revenue or capital - The business had commenced much earlier and not during the year. - expenditure is revenue in nature - HC

  4. Nature of income - profit earn on sale of shares - STCG or Business Income - in the earlier assessment years the assessee had consistently shown the receipts of sale of...

  5. Assessee association having primary purpose of advancement of objects of general public utility, therefore it would remain charitable even if an incidental activity for...

  6. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

  7. The loss caused by embezzlement by the employee was incidental to the employment and entrustment of duty and should be allowed in computing the business income of the...

  8. Levy of Luxury Tax - charitable trust - running a Dharmashala incidental to its main activity of running a hospital - not liable to luxury tax - HC

  9. Income accrue in India - PE in India - nature of income - the distribution revenue earned by the appellant-assessee cannot be taxed as royalty albeit as a business...

  10. Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks...

 

Quick Updates:Latest Updates