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Income Tax - Highlights / Catch Notes

Home Highlights December 2012 Year 2012 This

Method of accounting – Chit Fund Company allowed to follow ...

Income Tax

December 5, 2012

Method of accounting – Chit Fund Company allowed to follow completed contract method when dividend to the foreman has to come only from out of the discount - HC

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  1. Nature of activity of "chit fund business" - cash management / fund management - the petitioner is not liable to pay service tax before 14.05.2015 - petition allowed.

  2. Refund of service tax paid - Chit Fund Foreman Service - refund claimed as no service tax was chargeable - There has been a delay of more than two years - refund cannot be allowed.

  3. Chit Fund - Income from chit dividend – dividend income received over and above what had been subscribed by the assessee liable to be assessed as income of the assessee - HC

  4. Addition u/s 69A - chit fund investment - the CIT(A) observed that being govt. employee, the assessee is not permitted to enter in chit fund. Even before us, the ld. AR...

  5. Permission granted to subscribe to chit funds by NRIs without limit on non-repatriation basis subject to some specified conditions. - Circular

  6. Interest claimed on partners' capital contribution made to chit funds and interest claimed on payment to retired partners' outstanding balance - claim of deduction from...

  7. Liability to deduct TDS u/a 194A - the amount disbursed by a chit fund company to the members from the contribution cannot be treated as interest - AT

  8. Chit funds - Taxability of foreman dividend - The assessee was a business concern and its aim was to make profits and, thus, the principles of mutuality could not be...

  9. Constitutional bench - Central Chit Funds Act - supriority of Central Law over state laws - Repugnancy arises on the making and not commencement of the law - SC

  10. Diminution of value of shares - to be treated as business loss or not - Regular method of valuation of stock to be followed - claim of loss allowed - AT

 

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