Home Highlights March 2016 Year 2016 This

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1. Disallowance u/s 40A(3) - cash payment made by the assessee for purchase of land - issue of disallowance of expenses does not arise as the amount paid for purchase of...

2. Deduction of interest (premium) on Zero Coupon Convertible Bonds(ZCCB) - Disallowances being the proportionate claim of the premium on ZCCBs written off during the...

3. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

4. Claim of expenditure towards premium paid on forward covers of foreign exchange rates - Section 43A is not applicable to the facts of the present case since it is not...

5. Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

6. Disallowance of Expenses u/s. 40(a)(ia) - Non deduction of TDS on commission - Pricing mechanism fixed by the Government of India, it is clear that the assessee has...

7. Computation of Capital Gain - provision for site development expenses against sale of plots and the disallowance being premium on re-purchase - Once the plots are sold...

8. Addition towards single premium paid on policy taken for the Director by the Company - Determination of sum of addition - Gross amount or Net amount of premium -...

9. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

10. Disallowance of exemption claimed u/s 54EC on investment in REC Bonds - Claim of the assessee cannot be denied on the only ground of delay in investing in the REC Bonds...

11. Amortization of premium paid on investments under "held to maturity category" - assessee is entitled to the amortization of security premium, as claimed - HC

12. Claim of deduction (expenditure) on account of Premium payable on redemption of debentures - Following the decisin of SC wherein it was held that, "the liability to pay...

13. Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

14. Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the...

15. 100% EOU - de-bonding - refund of the excise duty previously paid - Admittedly, such duty was paid at the time of what is referred to de-bonding. However, this would not...