Section 64(1)(iii) of the Act as it stood at the relevant time ...

Assessing Officer Rightly Includes Minors' Interest from Partnership in Total Income u/s 64(1)(iii) of the Act.

August 7, 2014

Case Laws Income Tax HC

Section 64(1)(iii) of the Act as it stood at the relevant time would be attracted and the AO rightly clubbed the interest earned by the minors on the amount lying that the partnership form while computing the total income of the assessee - HC

View Source

← Previous Next →

Section 64(1)(iii) of the Act as it stood at the relevant time ...

Assessing Officer Rightly Includes Minors' Interest from Partnership in Total Income u/s 64(1)(iii) of the Act.

August 7, 2014

Case Laws Income Tax HC

You may also like:

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

Interest on minor's income - power conferred under Section 64(1A) to club the minors income with income of the parent whose income is greater is legal and does not...

Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

Clubbing of income - Assessment of capital gain of the minors in the hands of the assessee - The word “any such income” as appears in Section 64(1A) includes capital...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

Trusts for the benefit of two minor children - provisions of section 64(1)(iii) invoked to include the income of trust into the income of assessee (Individual) - the...

Income Tax: The proposal aims to introduce a provision in Section 206C of the Income Tax Act to allow the Board to notify rules for cases where credit of tax collected...

The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual...

Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable...

Revision u/s 263 - When the provision contained under Section 92CA(4) of the Act makes it mandatory upon the Assessing Officer to compute the total income of the...

Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Quick Updates: