Home Highlights June 2014 Year 2014 This

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1. The Court held that the builder had forfeited its right to file a written statement, but its right to participate in the proceedings was protected. The rigour of the...

2. Dishonor of Cheque - compensation should be twice the cheque amount, or not - petitioner withdrew the amount of compensation out of his own volition. - there are no...

3. Compensation received by assessee from builder for non-delivery of property within stipulated time is a capital receipt not chargeable to income tax. Assessee had...

4. The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

5. MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

6. Compensation/ additional sum received for delay in payment of proceeds of shares tendered under the open offer - the reason for increasing the offer by the said sum may...

7. Exemption u/s 54F - delay by the builder - It was not the case of the AO that the assessee has not booked the flat with the builder or not not made the payment in time -...

8. Compensation for delay in handing over the possession of the property - holding charges - held as capital receipt in nature - AT

9. Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...

10. Nature of expenses - Relaunch expenses - deferred revenue expenditure claimed to the extent of 1/3rd in each of the year -The tribunal disagreed with the AO's...

11. Disallowance u/s 37 of interest paid on delayed payment of additional Customs Duty was challenged, contending that it was not penal in nature but compensation for delay...

12. Deduction u/s 54F - delay in delivery of possession of the property - investment of the entire capital gains for construction of a residential house within the...

13. Unexplained cash credit u/s 68 - xerox copies of bank passbooks of these persons has been found from the possession of the assessee and not the original passbooks - The...

14. Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

15. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.