Home Highlights October 2012 Year 2012 This

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1. Assessee had transferred as per the agreement goodwill to client which AO contested that it cannot be treated as a capital receipt and be treated as a revenue receipt...

2. Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

3. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

4. Sales tax subsidy treated as capital receipt - nature of receipt - Whether the subsidy amount can be adjusted in the cost of depreciable assets? - AT

5. Capital Gain or business income - surplus on sale of shares and securities - the assessee has maintained distinction between trading assets and nontrading assets and has...

6. LTCG - Just by mentioning in block of asset that too with Zero depreciation rate should not change nature of the asset. Ultimately the facts remain that no benefit of...

7. Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

8. Revenue receipt or capital receipt - there is no justification to treat the receipt of life membership subscription of the magazine differently other than the income receipt.

9. Loss on revaluation of security - securities maintained as per RBI Guidelines - only 30% treated as stock in trade - 70% treated as long term asset - HC

10. Slump sale - Whether slump sale could be treated as 'noncompete fee' and not liable to tax as a capital receipt - it should be treated only as a capital receipt and not...

11. Whether grant-in-aid received by the assessee is an incentive for conducting research so as to be treated as capital receipt and not as revenue receipt - Held yes - HC

12. Capital Receipt vs Revenue Receipt - Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed - AT

13. Nature of interest received - revenue receipt or capital receipt - compensation for breach of contract relating to capital assets - Merely because the tax has been...

14. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

15. Depreciation on goodwill - amalgamation - acquisition of the deferred sales tax liabilities - MOU agreed to purchase the Assets consisting the Immovable properties - On...