Home Highlights September 2012 Year 2012 This

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

2. Disallowance of exemption claimed u/s 10(34) on Dividend income - the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the...

3. Whether income of VCF shall be exempt only to the extent it is from the investment in venture capital undertaking ? - Exemption under section 10(23FB) and exemption...

4. Revision u/s 263 by CIT - Wrong claim of carry forward of long term capital loss - the long term capital gain, which is exempted under section 10(38) of the Act, would...

5. Revision u/s 263 by CIT - Allowability of claim of deduction u/s. 80IB(10) - In case Revenue authorities are not satisfied with the contents of the completion...

6. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

7. Revision u/s 263 - Allowing other expenses from the House Property Income (Rental income) - apart from the expenditure provided under Chapter (iv) of the Income Tax Act,...

8. Revision u/s 263 by CIT - Wrong claim of business expenditure - Since the assessee failed to prove the nexus between the interest income and expenditure incurred, the...

9. Revision u/s 263 - Exemption u/s 10(23FB) - income earned out of investments made in Venture Capital Undertakings (VCU) - the assessee is bound to succeed both on the...

10. Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

11. Reopening of assessment - AO could have no reason to believe that the dividend income earned by the Petitioner from the aforesaid three mutual funds had escaped...

12. Revision u/s 263 - Suo moto revisional proceeding initiated - The Gauhati High Court allowed the writ petition and set aside the Show Cause Notice and the ex-parte Order...

13. Set off of deemed dividend against actual dividend paid by certain companies - dividend distribution tax as per section 115-O is in respect of dividend covered u/s...

14. Revision u/s 263 - exemption u/s 10(1) - agricultural income - no details are filed by the assessee and the Ld.AO has not verified the exemption claimed by the assessee...

15. Revision u/s 263 by CIT - When the case of the assessee was selected under CASS to examine the capital gains then the AO was required to examine the case meticulously on...