Home Highlights May 2011 Year 2011 This

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1. Presumptive income u/s 44AE - heavy goods vehicle (more than 12MT gross vehicle weight) - Substantial increase in deemed income

2. 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...

3. Income derived from property held under trust - Provisions u/s 11(1)(a) of the Act speaks about the actual receipt of the income and actual expenses incurred for that...

4. Set-off of the losses against the deemed income u/s 69C - Determination of correct head of income - there is no iota of doubt that the deemed income assessed u/s 69C of...

5. The clarification addresses a crucial issue concerning the interpretation and application of section 44AE of the Income Tax Act. By providing clarity on the calculation...

6. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

7. Power to seizure vehicle - apprehension of misuse in future - If a possible future use of a vehicle as a means of transport for smuggling goods confers a power of...

8. Levy of GST - services provided by the applicant to NMMT under the Agreement, by way of supplying, operating and maintaining air-conditioned electrically operated buses...

9. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

10. Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

11. 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...

12. Classification of goods - Tata Ace Garbage Tipper vehicle - Special Purpose Motor Vehicles or not - As shown in underlined portion above the applicant admitted that it...

13. Income accrued in India - permanent establishment (PE) - Withholding of tax in India - vessel engaged in seismic survey at high sea - The sum paid by the applicant to...

14. Rental income - income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property. - AT

15. Classification of imported goods/ Ranger (non-electric) Vehicles - import of vehicles including All Terrain Vehicles [ATVs] - even if passengers are transported in the...