Home Highlights April 2013 Year 2013 This

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1. Deduction u/s 10AA - Income from gold dust - the AO himself has not denied the fact that the income from sale of gold dust is part of the business income of the assessee....

2. Taxability of income - Characterization of receipts - software sub-licence fee - the income in dispute, since can be classified under other Articles of the tax treaty,...

3. Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

4. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

5. Income from discontinued business - income of interest received on advances - in view of the provision of Sec. 176(3A) it is clear that the interest income on advances...

6. Constitutional Validity of Section 327(7) of the Companies Act, 2013 - statutory claims of the “workmen’s dues” - Overriding effect of the provisions of IBC - As...

7. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

8. TDS u/s 195 - on payment made to two non-residents regarding order procurement services - DTAA between India and USA/Belgium - Both the non-resident derived their income...

9. Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

10. Withholding of tax at higher of the rates prescribed u/s 206AA - non-resident not having PAN - provision of section 206AA will not have an overriding effect over the...

11. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

12. Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

13. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

14. If provision for doubtful debts is not claimed as deduction in the computation of total income, then, naturally, the amount of provision written back cannot equally be...

15. Applicability of provisions of 10A(7) - without establishing through positive evidence that assessee and its related party have arranged their business transaction in a...