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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Amounts received by the assessee from various producers towards ...

Income Tax

April 15, 2016

Amounts received by the assessee from various producers towards advances cannot be assessed as income of the assessee. - AT

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  1. Accrual of income - Advances received from various producers - whether assessable as income for the respective assessment years or not? - When the assessee has returned...

  2. Depreciation on paintings which were part of furniture and fixtures - either hung in the office or given to the producer for the original shoots, or used in various...

  3. Whether there is notional income on advances given to closely associated group - There is no statutory obligation on the assesse that the assessee must charge interest...

  4. Claim of exemption u/s 54F – amount advanced to his wife towards purchase of the property - assessee has 50% ownership over the property - exemption allowed - AT

  5. Service tax paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement - AT

  6. Service tax paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement - AT

  7. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

  8. Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

  9. Time of supply - Absolute control of the money received in advance - The law is crystal clear that once any advance amount is received towards provision of any service...

  10. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

 

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