Revision u/s 263 - The assessment order is totally silent and ...

Tax Order Revised for Misclassifying Dividend as Business Income u/s 72; Lacked Explanation, Violating Section 263.

February 8, 2012

Case Laws Income Tax HC

Revision u/s 263 - The assessment order is totally silent and there is no discussion as to how this dividend income was to be given the character of business income for the purpose of set off under Section 72 of the Act - This rendered order passed by the AO erroneous and prejudicial to the interest of Revenue to that extent .... - HC

View Source

← Previous Next →

Revision u/s 263 - The assessment order is totally silent and ...

Tax Order Revised for Misclassifying Dividend as Business Income u/s 72; Lacked Explanation, Violating Section 263.

February 8, 2012

Case Laws Income Tax HC

You may also like:

Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

Set off of brought forward of business loss against capital gain arising on sale of business asset used for the purpose of business - Section 72(1) of the Act employs...

Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

Income from dividend, commission and interest from the business of trading in shares – dividend income arrived at by the appellant was chargeable under the head “Income...

Addition on account of surrender of income - set off the surrendered income against business losses – allowed as per provisions of section 71 & 72 - AT

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

Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

Disallowance of exemption claimed u/s 10(34) on Dividend income - the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the...

Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

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...

Income earned profit on sale of mutual funds - capital gain OR business income - Holding period of the assessee is minimum of 72 days and maximum of 186 days - profit of...

The Income Tax Appellate Tribunal held that the interest income receipts of the assessee should be treated as "business income" and not "income from other sources". The...

Set off of deemed dividend against actual dividend paid by certain companies - dividend distribution tax as per section 115-O is in respect of dividend covered u/s...

Carry forward and set off of business losses u/s 32(2) is subject to the provisions of Sections 72(2) and 72(3). Depreciation allowance carried forward u/s 32(2), though...

Quick Updates: