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Income Tax - Highlights / Catch Notes

Home Highlights July 2017 Year 2017 This

Taxability in hands of society - fund transferred to ...

Income Tax

July 29, 2017

Taxability in hands of society - fund transferred to ‘Distribution Pool Fund Account’ it is not taxable in the hands of the Society. - SC

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  1. Transfer of fund for subsequent distribution to the members before payment of tax is not a 'deductible expenditure' in computation of business income of the Assessee-Co-...

  2. Income of the Society cannot be anything beyond the scope of Chapter XVI of the Bye – laws. Therefore, logically the amount transferred to the ‘Distribution Pool Fund...

  3. Whether the payment made by the applicant to Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) for transfer of funds to members Banks is liable to...

  4. Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the...

  5. Valuing perquisites of the accommodation, provided to employees of the assessee society - Taxability - Employees of the society cannot be equated with the employees of...

  6. CENVAT credit - input service distribution - credit in respect of input services utilised at the R&D centres of the appellant company and transferred to factory through...

  7. Supply or not - Applicant raises funds by collecting contributions, (also called as charges in the bye laws of Applicant Society), from members of the society - Held Yes

  8. Investment of surplus fund by a coop society, no deduction u/s 80P – Supreme Court

  9. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

  10. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

 

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