Home Highlights August 2012 Year 2012 This

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1. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

2. PMS expenses paid to portfolio managers being management expenses incurred with respect to securities / funds of the assessee being managed by portfolio managers are not...

3. Asset management company - making any addition on account of load is not justified - AT

4. When the Income-tax Officer stated that full expenditure had been allowed in the year of acquisi tion of the assets, what he really meant was that the amount spent on...

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

6. Capital gain or business income - it is possible for a tax payer to have two portfolios i.e. an investment portfolio comprising of securities which are to be treated as...

7. Disallowance of depreciation u/s 32 - intangible assets - amount paid for non compete fees - non compete fee is not an eligible intangible asset as the words “similar...

8. Depreciation on license fee paid for 20 years - intangible asset - deferred revenue expenditure - benefit of depreciation on the registration fee of paid to Indian...

9. Non-compete fees paid - non-compete fee paid by the assessee did not create any capital assets, the same was revenue in nature- AT

10. Management and advisory fees - Business income or income from other sources - AO has not been able to prove that the appellant did not carry out the stated activity of...

11. Seeking winding up of respondent company - Failure to pay outstanding dues - section 434 of the Companies Act, 1956 - The court noted the substantial unpaid amount...

12. Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

13. Allowable deduction of interest paid on the borrowings - Section 14A and Section 36(1)(iii) - Exempted dividend income - Based on the discussions and findings, the court...

14. Computing the capital gain on sale of assets - WDV of depreciable assets - Exemption u/s 11 - the assessee has partly claimed the depreciation on this asset and when the...

15. Treatment of sale of equity shares under Portfolio management scheme – Business income OR capital gains – Tribunal had erred in holding the transactions to be income...