Home Highlights November 2015 Year 2015 This

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1. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

2. TDS liability on Bank guarantee commission u/s 194A - Assessee in present case paid commission to bank not as an agent - there was no need to deduct TDS on the Bank...

3. Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...

4. Credit Cards Services - issuing bank receiving certain commission from the acquiring bank on swiping of credit cards - the appellant is not engaged in any activity of...

5. TDS u/s 194H - bank guarantee commission - whether the bank guarantee commission is not in the nature of commission paid to an agent but it is in the nature of bank...

6. TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

7. Disallowance of commission paid - excessive expense on commission - the average rate of commission paid by the assessee to others in respect of rice was 20, but rate of...

8. TDS u/s 195 - Disallowance of commission u/s 40(a)(ia) - the commission has been paid to various nonresident entities in respect of sales affected by the assessee...

9. Refund of tax amount paid - Amount paid under protest - applicability of time limitation - Though the petitioner had voluntarily paid the aforesaid amount during the...

10. Levy of service tax - commission received from the DTH operators - On the SIM cards, recharge coupons etc., where the service tax has been paid on the M.R.P by the main...

11. Addition of surplus realised on sale of jewellery - The excess amount on sale of jewellery has neither accrued nor has been received by the bank as its income u/s. 5 of...

12. The sub-broker who received commission from the main broker while main broker has paid the service tax on commission received by him cannot be once again subjected to...

13. Exemption form service tax on the activity of Testing & Commissioning, Integrated Testing & Commissioning and Trial runs of Trains to be undertaken under the contract is...

14. Commission income belonged to the HUF or assessee - Referring to TDS Certificate issued by Ajnara India Ltd. showing TDS on commission paid to HUF of the assessee and...

15. Addition of surplus amount received by the assessee from jewellery auction - claimed to be returnable to the concerned borrowers - CIT has rightly deleted the addition...