Home Highlights August 2014 Year 2014 This

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1. The assessee, following the mercantile system of accounting, had treated Annual Maintenance Charges (AMC) collected in advance from customers for lift maintenance as a...

2. Accrual of income - Money received under Marketing Assistance Programme [“MAP”] - It is also surprising that the AO chose to treat only the difference between the...

3. Capital gain or salary received - Recognizing the compensation received by the assessee as the share holding of the company - the amount received quivalent to the...

4. The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

5. Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

6. Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

7. Income deemed to accrue or arise in India - Royalty Income - AO had treated an amount as royalty income of the assessee during the year purely based on the amount shown...

8. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

9. 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...

10. Nature of Interest income - first ground of appeal of the assessee for treating expenses to the amount as revenue expenditure is dismissed. However, the alternative...

11. Unexplained investment u/s 69 - Amount advanced by M/s. KSR Constructions to the assessee has to be construed as the amount given by M/s. KSR Constructions on behalf of...

12. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

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

14. Interest income from temporary advancement of funds - interest received by the assessee cannot be treated as income from business and it has to be treated as income...

15. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...