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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

Nature of amount appropriated towards the Sinking Funds - The ...

Income Tax

December 8, 2016

Nature of amount appropriated towards the Sinking Funds - The income was used by the assessee and for the assessee and the assessee retained the benefit arising therefrom - it is the part of rent and taxable as revenue receipt - HC

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  1. Income from house property - contributions of the tenants of the property towards sinking fund cannot be assessed as rental income of the assessee. - AT

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  3. Supply or not - levy of GST - sub-leasing of land - collection of LAD Fund alongwith rent - amount collected towards Local Area Development Fund (LAD Fund ), which is...

  4. Collection of contribution from its members by the association (club) - the amounts collected towards Corpus / Sinking Fund do not form part of consideration towards...

  5. Adjustment of refund sanctioned towards the pending arrears in terms of Section 11 of the Central Excise Act, 1944 - amounts cannot be appropriated towards the Revenue...

  6. Nature of software expenses - these are towards payment for renewal of software which the assessee was using for client deliverables - software expenses are revenue in...

  7. Amount paid towards penalty for breach of commercial contract by the assessee is not penal in nature, but compensatory in nature - deduction u/s 37(1) allowed - HC

  8. Nature of receipt - additions towards receipt of Corpus Fund - additions on account of Corpus contribution received by the appellant being a Trust - held as capital...

  9. Bombay Stock Exchange towards broker contingency fund and admission fees are capital in nature. - AT

  10. Appropriation of interest on refund - Whether the amount of interest sanctioned to the Appellant can be appropriated towards outstanding arrears of revenue - Held no - AT

 

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