Home Highlights February 2014 Year 2014 This

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1. Case basis of accounting - Accrual of interest income - the stand of the assessee of offering interest income from Kisan Vikas Patra on cash basis cannot be held as incorrect - AT

2. Rates of interest on small savings schemes including Saving Deposits, Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts Scheme

3. Dishonor of Promissory Notes - Suit for recovery of money, based on two promissory notes - rebuttal of presumption - No doubt, by proving the execution of the promissory...

4. Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

5. Accrual of interest income - Commercial decision was taken by the appellant-assessee not to charge interest from these two borrowers as the assessee wanted to ensure...

6. Unauthorized and illegal encashing of Kisan Vikas Patras (KVPs) - Fraud / Cheating - endorsement of KVP - Presumptions as to negotiable instruments - Negligence on the...

7. Indra Vikas Patra – As IVPs assessed in the hands of company then how these IVPs can assess in the hands of assessee. - And there was nothing wrong to keep IVPs which...

8. Kisan Vikas Patras - Discontinuance of sale with effect from 30-11-2011 - Ntf. No. F.No. 1/10/2011-NS-II Dated: November 30, 2011

9. Interest u/s 2(28A) - Taxability and TDS u/s 195 - discounting bills of exchange and promissory note - discounting charges did not amount to interest and was not subject...

10. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

11. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

12. Dishonor of Cheque - declared income was sufficient to prove loan or not - while in the criminal proceedings the complainant had failed to produce the promissory notes,...

13. Accrual of income - Interest accrual as liable to tax - exemption u/s 10 (23BBA) - The argument that there is no such stipulation in the letter releasing the grant does...

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

15. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...