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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

The donations received for specific purpose of acquiring the ...

Income Tax

December 2, 2017

The donations received for specific purpose of acquiring the capital assets are tied up grants and cannot be treated as income u/s 2(24)(ii)(a) - AT

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  1. Unregistered trust u/s 12AA - the voluntary contribution received by the assessee for specific purposes (in the present appeal building fund) cannot be regarded as...

  2. Taxability of amount received for specific purpose - Revenue Authorities have not disputed the contributions received but denied the exemption only due to the fact that...

  3. Exemption u/s 11 denied - grants received by the assessee - Such grants were not the donations or voluntary contribution u/s 12 - The grants received by the assessee for...

  4. Royalty paid treated as capital expenses - the assessee company did not obtain any proprietary or ownership right of trademark or knowhow, no asset was created or...

  5. Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

  6. Addition u/s 68 or 115BBC - The anonymous donations will not be covered if donations received by any trust or institution created or established wholly for religious...

  7. Exemption u/s 11 - The donations were pass-through donations with specific purposes for which the said voluntary donations can be utilized and the tax-payer has no...

  8. Capital gain - compromise settlement for breach of contract - Transfer u/s 2(47) - the compensation received by the assessee arises out of the transfer of capital asset...

  9. Deduction of Interest paid in respect of capital borrowed for the projects - no distinction can be made between the money borrowed for acquiring capital asset or revenue asset - HC

  10. The assessee is eligible for the claim of depreciation u/s 32(1)(ii) on the amount of intangible assets acquired by it as per Business Transfer Agreement - AT

 

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