Home Highlights December 2013 Year 2013 This

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1. 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

2. 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

3. Disallowance of Exemption u/s 11 - Charitable purpose 2(15) - Subscription paid by a subscriber of a chit to a chit company acting as the foreman of the chit cannot be...

4. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

5. 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...

6. The assessee claimed deduction of expenditure incurred for handling and disposal of spent solvents/scrap against unaccounted cash receipts from their sale. The ITAT held...

7. 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.

8. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

9. Addition u/s 69A - AIR information revealed cash deposits in assessee's savings bank account - assessee applied Section 44AD of the Act on business income. Held:...

10. Revision u/s 263 by CIT - slum sale - The assessee has transferred the whole business under slump sale basis and it is fact on record that it is transferred the business...

11. Eligibility to claim exemption u/s 11 - contribution to chit funds - it is wrong to conclude that assessee has with an intention to earn profit or income made a...

12. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

13. Deduction as loss on Chit - Even if the assessee is not able to establish that the money raised through chit was used for business purpose then also, disallowance should...

14. Nature of activity of "chit fund business" - cash management / fund management - whether classifiable under the category of "banking and other financial services" - No...

15. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...