Home Highlights April 2014 Year 2014 This

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1. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

2. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

3. The assessee claimed excess deduction u/s 36(1)(viia) for provision for bad and doubtful debts, leading to escapement of income. The Assessing Officer rightly formed the...

4. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

5. Deduction on municipal taxes – Income declared as income from other sources – claim of expenditure/deduction of actual payment made by the assessee in respect of the...

6. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

7. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

8. The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering...

9. Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be...

10. The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

11. Deduction u/s 80IA(4)(iv)(a) - deduction was inadvertently not claimed in the return of income filed - In our considered view, if the language of the Statute is plain...

12. The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

13. Deduction u/s 10AA - It is only account of disallowance of the forex loss u/s 37(1) that the returned loss stood converted into positive business income for the relevant...

14. Nature of surrendered income - Claim of deduction under Section 80HHC on account of export - HC

15. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...