Home Highlights April 2016 Year 2016 This

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1. Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

2. 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...

3. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

4. Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 -...

5. Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

6. Disallowance of exemption claimed u/s 54EC - non filling ROI - investment made in REC - assessee has neither filed return of income u/s 139(1) of the Act, nor in...

7. Addition u/s 68 - buyback was not genuine and added back the buyback amount as unexplained income - Section 68 of the Income Tax Act, 1961, which deals with unexplained...

8. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

9. Taxability of income - Characterization of receipts - software sub-licence fee - the income in dispute, since can be classified under other Articles of the tax treaty,...

10. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

11. Addition u/s 68 - unexplained share capital - Even though there were circumstances leading to suspicion, yet having taken an action u/s.132 and enquiries made in the...

12. Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act,...

13. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

14. Computation of tax u/s 115BBE - as argued when no income was brought to tax u/s 68, 69, 69A, 69B, 69C or 69D, then no computation of tax u/s 115BBE was required to be...

15. Revision u/s 263 - There was an error in the assessment order passed by the A.O. in not bringing to tax the interest income in the year under consideration under the...