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Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Undisclosed deposits in bank account - . When the deposit of an ...

Income Tax

February 24, 2016

Undisclosed deposits in bank account - . When the deposit of an amount cannot be added in the hands of the assessee, the interest accrued on such deposit also cannot be taxed in the hands of the assessee - AT

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  1. Undisclosed cash deposit in bank account - The amount deposited was received from purchasers/buyers - The assessee also explained that he was supplying marble on...

  2. Club or association service - The accrued interest received from the bank on an amount deposited cannot be treated as “subscription” - demand do not sustain

  3. Income from House Property - inclusion of Notional Interest - interest accrued on deposit cannot be added to the agreed rent, so as to make a fair rent or market rent - HC

  4. An optional scheme for Levy of Tax and Penalty on Amount Deposited in the Bank Account which was undisclosed / unexplained - Income Tax

  5. Addition on the ground of balance appearing in HSBC Bank Account, Geneva undisclosed - Nothing has been brought on record in “reasons recorded” or there is any material...

  6. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

  7. Declarations of undisclosed income - Income Declaration Scheme, 2016 - extension of time for making payment of the third installment sought - Appellant directed to...

  8. Unexplained money u/s 69A - cash deposit in the Saving Bank Account - Since the assessee has not disclosed this bank account in the return of income, therefore, deposit...

  9. TDS u/s 194A - It is abundantly clear that the interest paid or accrued on the Term Deposit Accounts under Saving Bank Account of JKSRRDA was the money belonging to the...

  10. Notification regarding notify of Kotak Mahindra Bank for deposit of all Value Added Tax dues in relation to a dealer. - Notification

 

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