Home Highlights June 2014 Year 2014 This

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1. Nature of land - capital gain on sale of land - exemption u/s 10(37) - assessee's agricultural land was compulsorily acquired by following entire procedure prescribed...

2. Deduction of 10% of the amount awarded to the award-holder as TDS and payment of the balance amount to the award-holder - Arrears of salary and interest - award-debtor,...

3. Exemption of Gross Interest u/s 10(15) - exemption under section 10(15) was to be allowed on gross interest and not on the net interest - AT

4. Failure to file Form 10/10B before due date prescribed u/s 139(1) cannot be fatal to deny exemption u/s 11(2), especially when Form 10/10B was available on record when...

5. Interest received on compensation or enhanced compensation amount u/s 28 of the Land Acquisition Act - Such interest are part of compensation and either taxable as...

6. Deduction u/s 10(37) - sale of agricultural land - the land was agricultural land and was being used for agricultural operations prior to the date of acquisition during...

7. The case pertains to rectification of mistake u/s 154 regarding the eligibility of exemption u/s 10(17A) for the award money received from BCCI. The assessee, a...

8. Rectification u/s 154 - Characterization of receipts - Exemption of interest on enhanced compensation from tax denied u/s. 10(37) - However, the Appellate Tribunal...

9. Exemption u/s 11 - accumulation of 15% of income - Form 10 can be filed before the conclusion of the assessment proceedings - AO should provide opportunity for...

10. The case dealt with the interpretation of interest clauses in an arbitration award, specifically whether interest could be payable on interest or if the awarded 15% per...

11. TDS u/s 194A on Interest accrued on Compensation awarded under the Motor Vehicle Act - Interest for the period from the date of the Claim Petition till passing of the...

12. Arbitration award challenged u/s 34 of the Arbitration and Conciliation Act, 1996. Arbitrator allowed 3% of contract amount as on-site establishment expenses using...

13. Benefit of exemption u/s 10(37) - the exemption provided u/s 96 of the Act is wider in scope than the tax exemption provided in the existing provisions of the Income Tax...

14. Arbitration award - Validity of appointment of arbitrator - Jurisdiction of High Court while deciding the appeal under Section 37 of the Arbitration Act - The award can...

15. Validity of award of interest by the sole arbitrator - earnest money and security deposits or not - The learned Arbitrator in the instant case has erred in awarding...