Home Highlights December 2011 Year 2011 This

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1. In a recent High Court case, the issue of whether advertisement expenditure could be considered as allowable revenue expenditure was discussed. The ITAT allowed the...

2. Reopening of assessment u/s 147 - doctrine of res judicata - principal of consistency - Consistency does not mean putting iron fetters on the subsequent decision making;...

3. Income accrued in India - Benefit of consistency on the basis of orders for earlier assessment years - There was complete silence on this issue by the assessing officer...

4. Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a...

5. Principle of consistency - There is a significant value which must attach to observing the requirement of consistency and certainty. Individual affairs are conducted and...

6. Rectification application u/s 254 - Tribunal not followed the decision on the identical facts by the Coordinate Bench which is confirmed by this Court - The Court...

7. Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

8. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

9. The assessee, a university, claimed exemption u/s 10(23C)(iiiab) for the relevant assessment year, which was accepted by the Assessing Officer (AO) after considering the...

10. Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

11. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

12. The ITAT Hyderabad addressed the issue of determining the correct head of income for gains on the sale of property, whether it should be classified as business income or...

13. The case involves determining whether income from a property owned by the assessee should be classified as "income from house property" or "business income." The...

14. The High Court upheld the Tribunal's decision allowing deduction u/s 80P(2)(d) of the Income Tax Act to the assessee, a cooperative society, on the interest income...

15. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...