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Income Tax - Highlights / Catch Notes

Home Highlights November 2017 Year 2017 This

The investment in the excess stock has to be brought to tax ...

Income Tax

November 7, 2017

The investment in the excess stock has to be brought to tax under the head "business income" and not under the head "income from other sources" - HC

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  2. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

  3. Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

  4. Unexplained investment u/s. 69B and levy of tax u/s 115BBE - income towards difference in stock - excess stock found during the course of survey - AO directed to assess...

  5. Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

  6. Rejection of books of accounts - difference in the opening stock as well as the closing stock - the assessee has shown excess opening stock - The AO did not care to...

  7. Disallowance u/s 14A r.w.r. 8D - sourcing of investment from borrowed funds or own funds - investment is taken as stock-in-trade - ex-parte order - additions confirmed.

  8. Rental income from unsold flats shown as stock-in-trade in the books - “ should not be assessed under the head “income from business” but under the head “income from...

  9. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

  10. Denial of Refund of excess tax deducted by source - Revenue directed to refund the excess amount with simple interest at the rate of 9% - HC

 

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