Home Highlights October 2012 Year 2012 This

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1. Deduction u/s 80C - the payment of LIC premiums made during the previous year out of loan funds are also eligible for deduction u/s 80C - AT

2. Benefit of section 54 - Expenditure incurred on improvement/ renovation of the new residential house for the purpose of deduction under section 54 allowed - AT

3. Assessee had claimed loss under the head income from house property’ by claiming deduction u/s 24(b) of the Act in respect of interest paid for purchase of house...

4. No deduction is to be allowed u/s 80C on account of tuition fees paid in respect of grand children of the assessee - AT

5. Validity of revisionary order passed u/s 263 on the issue of LTCG held to be STCG by CIT and excess allowance of deduction u/s 80C - AT

6. Entitlement to deduction under Section 24(b) and 80C - once it is held that the assessee had not borrowed any capital for the purchase of the property, the assessee was...

7. Disallowance of exemption claimed u/s 54F - nature of the property as residential in nature - It does not make difference whether the property has been shown as...

8. Disallowance of interest on house property claim u/s. 80C - assessee has paid interest paid to the bank for housing loan and it is supported by bank statement, therefore...

9. Sale of house property - Denial of the cost of improvement - apart from nonspecification of the work, so that the very basis of the assessee’s claim remains unknown, the...

10. Addition towards single premium paid on policy taken for the Director by the Company - Determination of sum of addition - Gross amount or Net amount of premium -...