Home Highlights July 2012 Year 2012 This

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1. Assessment of trust - Application of Maximum Marginal rate @ 30% - To be treated as AOP u/s 164 or not - As such subsection (2) of section 164 of the Act provides to...

2. Assessment of Trust - voluntary corpus donations - Whether the assessee is a discretionary Trust - Additions u/s Section 56(2)(vii) read with Section 2(24)(iva) - AOP...

3. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Section 21AA has been introduced in order to prevent tax evasion - The Bangalore Club is...

4. Assessment of trust as Association of Persons (AOP) - family trust - rate of tax - maximum marginal rate or slab rates - Assessee family trust has only income from other...

5. Denial of exemption u/s 11 - Assessee is claimed to be a trust carrying on activities of providing swimming pool facilities for aquatic events and training and...

6. Payment to related person u/s 40A - Addition on account of payment made by the assessee to quantum asset management company by way of research fee - A subsidiary company...

7. Exemption u/s 11 - whether benefits were availed by the specified persons without any other compensations or rent paid by such specified persons is inadequate - it is...

8. Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

9. Deemed dividend u/s 2(22(e) - advances - There remains no doubt that the transactions between assessee and DVPL is representing current account transactions. Therefore,...

10. Treatment of assessee trust as an Association of Persons (AOP) - Since it was revocable Trust, the provisions of Sec. 61 to 63 were applicable and the assessee could not...

11. Status of the assessee as ‘Company’ or in the status of “An association of Persons” - The definition of ‘Company’ under the Income Tax Act, 1961 is given u/s 2(22A) of...

12. Exemption u/s 11 - Under the Indian law, a land can belong to one person and the building can be owned by other person. - When the physical possession of the building is...

13. Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

14. Disallowance u/s 40(a)(ia) - TDS u/s 194C - the explanatory memorandum makes it clear that the scope of sec.194C was extended to cover Association of Persons from 1st...

15. Registration u/s 80G(5)(vi) denied - CIT(E) held that the assessee-trust is a private religious trust and therefore, cannot be held as a charitable trust within the...