Home Highlights May 2016 Year 2016 This

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1. Addition u/s 68 - By "right person", we mean the person who is liable to be taxed, according to law, with respect to a particular income. The expression "wrong person"...

2. Reopening of assessment u/s 147 - undisclosed capital gain - a right person is liable to pay tax on his income and no option is available to tax income in the hands of...

3. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

4. Undisclosed unaccounted expenditure and undisclosed income - By the connotation of "right person", it is meant the person who is liable to be taxed, according to law,...

5. Income accrued in India - interest income and commitment fees earned by DZ Bank from its Indian clients - PE in India - Once entire interest revenues earned in India in...

6. Reopening of assessment - income arising from the revocable transfer of assets - taxability in the hands of trust or transferor/settler - The Appellate Tribunal observed...

7. Denial of exemption u/s 10(23C)(iiiad), addition of unexplained cash credits u/s 69A. Registration granted u/s 12AA from 23-02-2019 indicating trust not exclusively...

8. Validity of Addition on protective basis - Although, there is no provision in the Income Tax Act authorizing the levy of income tax on a person other than whom income...

9. The assessee was a member of syndicates (association of persons or body of individuals) and had received share of profits from them. The tax authorities sought to tax...

10. Addition made u/s 56(2)(vi) - Fair Value Trust (FVT) – department having already exercised the option to tax the income directly in the hands of the trust, there is no...

11. Unexplained cash deposits - assessee is having joint account - AO simply brushed aside the explanation and taxed the deposits in the hands of the assessee. When the...

12. Addition u/s 68 - Deeming fiction applies in the hands of the person in whose book’s sums are credited. There it ends, such deeming fiction cannot travel to other...

13. Insertion of new section 115BA - option to pay tax @25% instead of 30% - the income-tax payable in respect of the total income of a person being domestic company (in the...

14. As the amount paid by the assessee to specific persons are taxed in the hands of specific persons at the same rate , disallowance u/s 40A(2)(b) will be meaningless...

15. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...