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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Deemed income u/s 56 - interest awarded as a part of enhanced ...

Income Tax

June 7, 2016

Deemed income u/s 56 - interest awarded as a part of enhanced accident compensation - To suggest that since an item is listed under section 56(2), even without there being anything to show that it is of income nature, it can be brought to tax is like putting the cart before the horse - AT

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  1. TDS on compensation and interest awarded by the Motor Accident Claims - Compensation cannot be categorized or even described as income - TDS is not liable to be deducted - HC

  2. Interest on enhanced compensation is liable to be taxed under S. 56 even when compensation is treated as agricultural income and is not covered by Section 45

  3. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  4. TDS liability on Insurance companies - TDS u/s 194A -Taxability of interest awarded by the Motor Accident Claim Tribunal - Period is from the date of the Claim Petition...

  5. TDS liability u/s 194A - Interest received on compensation for agricultural land - Award of Compensation - It is infact an enhanced compensation - No TDS liability.

  6. Income from other sources u/s 56 - Taxability of Awards for Sportsmen - assessee has received various awards - Indian professional shooter - benefit of exemption allowed.

  7. Deemed income from purchase of shares - purchases at lower price than FMV - addition u/s 69 OR u/s 56 (2)(vii)(C) - asset that has been transferred in this transaction...

  8. Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

  9. Grant of interest / compensation for delayed Refund of unutilized input tax credit - Rate of interest - HC awarded 9% instead of 6% applying the proviso to section 56 -...

  10. Import of food items - List of “Out of Scope” items as received from FSSAI

 

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