Home Highlights November 2012 Year 2012 This

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1. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

2. Principle amount in the HSBC Geneva Bank account is itself not taxable due to the non-resident status of the assessee, and as there is no proof that the income has...

3. Addition on interest accrued on sticky loans and advances - Under the mercantile system of accounting an income accrues when there is reasonable certainty for realising...

4. Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

5. Notional accrued interest on optionally fully convertible premium notes (OFCPNs) - it cannot be said that any income has accrued to he assessee on account of these...

6. Addition of notional interest – accrual of interest - uncertainties exist - The relevant circulars of the Central Board of Direct Taxes cannot be ignored - interest can...

7. Revision u/s 263 - addition on account of notional interest @10% on deposit - The High court upheld the concurrent findings of the ITAT and the CIT(A) that no notional...

8. TDS u/s 194A - It is abundantly clear that the interest paid or accrued on the Term Deposit Accounts under Saving Bank Account of JKSRRDA was the money belonging to the...

9. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

10. Accrual of interest - Non recognising interest against the advance - assessee is a company and following mercantile assessment of accounting - the interest accrues and...

11. Addition on account of interest income - if assessee does not pay interest for a period of exceeding six months then interest income should not be recognized in its...

12. Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

13. Income accrued or received by assessee - overdue interest income - Under mercantile system, interest income accrues with the time. In such cases, interest charged and...

14. Accrual of interest income - nonoperational sticky loans in respect of which mercantile actual of interest was shown in the suspense account and not the profit and loss...

15. Accrued interest on loans classified under ‘non performing assets’- overdue interest not realized during the year and credited to suspense interest account cannot be...