Home Highlights August 2011 Year 2011 This

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1. Remuneration to partners – Interest income though taxable under income from other sources, to be included in book profit for computation of remuneration..AT

2. Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...

3. Set off of business loss against interest income taxable under the head income from other sources - as the assessee has not carried out any business activity during the...

4. Disallowance of the interest claimed by way of set of - income from other sources - establishment of nexus - interest income with interest expenses - to claim of set off...

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

6. 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...

7. Nature of interest income - Appropriate taxable head of income - Because except its subsidiary, the assessee has not given Bank Guarantee to anybody else, which can...

8. Treatment of interest earned by assessee as “Income from Other Sources” - assessee did not claim for any exemption of interest income on the basis of ‘doctrine of...

9. Interest paid on income-tax refund - though not conscious choice or voluntarily, the amount received towards statutory interest has to be subject to tax under the head...

10. Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source...

11. Claim of expenditure against interest Income - Since, we hold in principle that the expenditure is allowable either way u/s 57, if the income is treated under the head...

12. TDS u/s 192 - commission paid to partner - considering the provisions of Explanation 2 to Section 15 of the Act which includes salary, bonus, commission or remuneration...

13. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

14. 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...

15. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...