Home Highlights March 2014 Year 2014 This

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1. Disallowance of exemption claimed u/s 10(34) on Dividend income - the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the...

2. 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...

3. Exemption u/s 10(34) - dividend income received by SARA fund - When the company with which SARA Fund has been invested, had already paid additional income tax on the...

4. 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...

5. 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...

6. 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...

7. Chit funds - Taxability of foreman dividend - The assessee was a business concern and its aim was to make profits and, thus, the principles of mutuality could not be...

8. Permission granted to subscribe to chit funds by NRIs without limit on non-repatriation basis subject to some specified conditions. - Circular

9. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

10. Interest u/s. 234C - advance tax - dividend has been received by the assessee only in third and fourth quarters of the financial year - the assessee had duly paid the...

11. TDS on dividend / premium on chit fund – Interest u/s 2(28) - he payment to the subscribers of a chit towards dividend does not partake the character of interest - No...

12. Dividend received from shares donated as corpus fund is treated as part of corpus fund, not income, if donor directs so, following Mata Amrithanandamayi Math case. Since...

13. Interest income earned from funds received from Government for setting up a company is a capital receipt, not revenue receipt, as the funds and income must be utilized...

14. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

15. Accrual of income - Addition made to the income of the assessee received by the assessee from “JDS” and its associates, treated as own income of the assessee - Despite...