Income assessable u/s 68 cannot be assessed under any particular ...

Case Laws Income Tax

August 24, 2013

Income assessable u/s 68 cannot be assessed under any particular head of income including income from other sources u/s 56 - Therefore, this addition cannot be set off against business losses computed in earlier years. However, as far as expenses disallowed on account of education expenses and on account of establishment expenses are concerned, they are to be set off. - AT

View Source

← Previous Next →

Income assessable u/s 68 cannot be assessed under any particular ...

Case Laws Income Tax

August 24, 2013

You may also like:

Correct head of income - Receipt by way of an option agreement cannot be assessed under the head income from house property. Once said receipt is not assessable under...

Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

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

If cash assistance received or receivable against exports schemes are included as being income under the head "profits and gains of business or profession", it is...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

Addition u/s 68 - Unexplained credit - scope of amended provisions of section 68 - onus to prove source of source - Although, the issue before us pertains to assessment...

Nature of additions made u/s 68 - whether income disclosed as commodity income would fall under the head Income from other source - held no - HC

Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

Business income or income from other sources – Invocation of section 68 is confirmed in relation to the credit/s, assessing them under the residuary head of income, i.e....

Deduction u/s. 80-IAB - The head of income under which the said income is assessable, which is on the basis of the source – from amongst the specified sources under the...

Unexplained cash credits u/s. 68 - taxability u/s. 115BBE - once the nature and source of credit found in the books of accounts of the assessee is linked to business,...

Unexplained credit u/s 68 - the amount received by the assessee is to be treated as income u/s 68, assessable under the head “Income from other sources” and accordingly...

Income from house property or income from other sources - receipt of compensation for non-occupancy - when any receipt falls under a specific Head, but the same cannot...

Quick Updates: