Home Highlights May 2018 Year 2018 This

You may also like:

1. Disallowing claim of expenditure - non-carrying of business activity during the year under reference - The case involved an appeal by an assessee against the...

2. Disallowance of expenditure claimed under the head "Business" - proof of commencement of business - the generation of actual business income was not an essential element...

3. Disallowance being pre-operative expenses on the reason that date on which VAT license was obtained was the date of commencement of business and not the date of...

4. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

5. Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

6. Disallowance of salary - there was no business activity - A decrease, or even absence, of business activity does not necessarily lead to proportionate reduction in staff...

7. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

8. Disallowance of expenses u/s 37(1)and depreciation u/s 32 - commencement of business - it can be said that the business had been set up and that the only thing was that...

9. Estimation of notional interest income for making the disallowance out of interest expenditure - The ld. AO ought to have not over emphasized about the conduct of the...

10. Disallowance of the claim for Bad Debts written off - Disallowance of settlement expenditure - In the case of bad debts, the Appellate Tribunal (ITAT) partially allowed...

11. Disallowance of expenses made u/s.37(1) - disallowance of expenditure on adhoc basis made by the ld. AO by giving a categorical finding that the ld. AO had not even...

12. Treating the income from house property as business income - the intention of the assessee is to exploit commercially by way of complex commercial activities generating...

13. Business income v/s undisclosed income - If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account...

14. Disallowance of expenditure - Most importantly, the Tribunal in assessee’s own case for AY 2012- 13 had held that it was not necessary that the business had actually...

15. Correct head of income - interest income on FD - Income From Other Sources v/s income from business - The said interest income has been earned by the assessee in the...