Home Highlights October 2013 Year 2013 This

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1. Profit sharing agreement - Diversion of income by overriding title or mere application of income - the assessee has been obligated by virtue of the agreement to divert...

2. Diversion of income by overriding title - merely because the moneys flow through the assessee, it cannot be automatically inferred that it is income in the hands of the...

3. Diversion of income by way of overriding title - legal heirs of the deceased partner was paid a sum as per the partnership deed - Diversion of income at source can take...

4. Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted...

5. Registration under Section 12A - diversion of income by overriding title - Wwhatever the assessee does out of the grant and interest accrued can only be said to be...

6. Long Term Capital Gain - sale of property - diversion of income due to overriding title - whether the sale of the property has been made directly by the SBI and the sale...

7. Diversion of income by an overriding title - the payment made to ex-partners or to the spouses of the deceased partners was not application of money - it was a case of...

8. Capital Gains - diversion of income by overriding title - the theory of real income cannot be applied to allow deduction to the assessee which is otherwise not...

9. Taxability of capital gain - Diversion of income - mortgage by deposit of title deeds, the mortgagee, Bank does not acquire title, much less overriding title to the...

10. Diversion of income by overriding title - interest earned on grants – The directives created an overriding title in favour of the State Government – thus, the interest...

11. Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by...

12. Diversion of Listing fee - transfer to Investor Protection Reserve, etc. - the accounting treatment adopted by the assessee to transfer the amount directly from listing...

13. Diversion of income by overriding title - amount paid by the assessee to wife of deceased partner of the firm - deduction allowed - AT

14. Penalty u/s 271(1)(c) - transfer of title - diversion of income by overriding title - Once assessee has complied with the terms of the Will and the family arrangement...

15. Diversion of income by overriding title - The assessee may be trustee of that fund but it cannot apply the fund as per his own will. The interest, if any, earned on this...