Reopening of assessment - assessee cannot be considered to be ...

Case Laws Income Tax

April 23, 2015

Reopening of assessment - assessee cannot be considered to be carrying on NBFC business - If the interest income is assessed under the head income from other sources, then the assessee would not be entitled to set off the brought forward business loss against the income declared under the head Income from other sources - reopening sustained - AT

View Source

← Previous Next →

Reopening of assessment - assessee cannot be considered to be ...

Case Laws Income Tax

April 23, 2015

You may also like:

Nature of income - business income or income from other sources - the assessee has been carrying on the business of money lending in a systematic manner without having...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

Deduction u/s 80-IA - Nature of Interest income - the interest received on advances and loans given to its employees are receipts in normal course of carrying its...

Correct head of income - interest income on FD - Income From Other Sources v/s income from business - The said interest income has been earned by the assessee in the...

Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

The High Court held that the Assessing Officer (AO) had specifically called for and considered information regarding unsecured loans during the original assessment...

Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

The case pertains to the validity of reopening of assessment by the Assessing Officer (AO) and the characterization of short-term capital gains (STCG) from the sale of...

Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not...

The case pertains to the reopening of assessment u/s 147/148 of the Income Tax Act due to undisclosed cash deposits in the assessee's bank accounts. The key points are:...

Penalty u/s. 271(1)(c) - assessee had wrongly shown the rental income as 'business income' - Even the pertinent fact on the file is that in the immediate preceding...

Reopening of assessment u/s 147 - bogus purchases - AO having not carried out the scrutiny assessment within the prescribed statutory limit, cannot be given another...

Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

Quick Updates: