Home Highlights May 2017 Year 2017 This

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1. Accrual of income - with the Assessee not having claimed the benefit of Section 32AB of the Act, the question of treating lease rental as income on accrual basis did...

2. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

3. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

4. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

5. Accrual of income - Money received under Marketing Assistance Programme [“MAP”] - It is also surprising that the AO chose to treat only the difference between the...

6. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

7. Income earned by sale of land - The assessee is into the business of acquiring and sale of plot and colonizers. On going through the Memorandum and Articles of...

8. Treating additional income earned on sale of shops as income u/s.69A - whether undisclosed income is “business income” or “income from other sources” - As per the...

9. Accrual of income - Year in which income is taxable - Receipt of Security Deposit - Addition on account of sale of development rights by the assessee - the fulfillment...

10. Addition u/s 68 - AO rightly neutralise the difference amount of profit arisen out of fictitious purchase and sales.We further confirm his action u/s 68 treating the...

11. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

12. Since the cost of purchase is treated as investment in land, the assessee is allowed to carry forward the unsold value of land as closing stock - The assessee cannot...

13. TDS credit treated as income of the assessee - Nature of income - essentially the TDS credit now claimed by the assessee is in the nature of an additional income over...

14. Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

15. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...