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Income Tax - Highlights / Catch Notes

Home Highlights March 2012 Year 2012 This

Surrender of income - additional income offered is deemed ...

Income Tax

March 12, 2012

Surrender of income - additional income offered is deemed income assessable u/s 69A of the Act and no deduction is allowable against such deemed income assessed u/s 69A of the Act in the hands of the assessee. - AT

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  1. Applicability of special tax rate u/s 115BBE - income surrendered in search and seizure operation u/s 132 and offered in the return of income - Admittedly, assessee has...

  2. Segregation of the surrendered income from business income - surrendered income can be taxed as deemed income without setting off of the losses u/s 70 & 71 - HC

  3. Addition of surrender of tenancy rights – the amount received against the transfer of tenancy is assessable as capital gain and not income from other sources - AT

  4. Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

  5. Entitlement to deduction u/s.80IB(10) - additional receipts / income offered by the assessee against the project undertaken by the assessee u/s 132(4) - additional...

  6. Set off un-absorbed depreciation against the deemed income under section 69, 69A, 69B and 69C allowed - AT

  7. Nature of income surrendered during the course of survey u/s 133A - deemed income u/s 69 and 69A or business income - The surrender on account of advances were relating...

  8. Treatment of surrendered income - apart from cash all other income surrendered may be brought to tax under the head "business income" while the cash has to be taxed...

  9. Deduction u/s 80IB - amount declared during the course of survey as additional income - assessee is not entitled to the deduction under section 80IB of the Act on the...

  10. Deduction of Partner’s Remuneration from additional Business Income surrendered during survey u/a 133A - there is no restriction - claim allowed - AT

 

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