Home Highlights June 2016 Year 2016 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. The case pertains to the reopening of assessment u/s 147 regarding income related to a Non-Resident External (NRE) Account. The assessee argued that the source of income...

3. Income accrues or arises in India - employer has directly credited the salary, for services rendered outside India, into the NRE bank account of the seafarer in India -...

4. Unexplained investment u/s 69 - wire transfer from NRE account - assessee is a non-resident - transfer from the account of the assessee’s son, who is also a resident of...

5. Income received from outside India in foreign currency - taxabaility in India - sum received from two employers in a Non-Resident (external) bank account, as NRE account...

6. Accrual of income - Addition on account of amount kept in Escrow Account - slump sale - The word “accruing” and arising are used to contradistinguish the word “receive”....

7. Reopening of assessment - investment out of foreign funds in the assessee’s NRE Accounts - investment in time deposit and mutual funds - Undisputedly, the funds came...

8. Assessment of income - receipt basis or accrual basis - income received in advance in the nature of interest income on discounting of bills against letter of credit - if...

9. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

10. Non-resident assessee remitted funds from Hong Kong bank account to NRE account in India, submitted Foreign Inward Remittance Certificate. Tribunal held assessee...

11. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019

12. Accrual of interest expenditure / income - CIT(A) deleted the disallowance u/s 36(1)(iii) - Where there is no certainty of collection, revenue cannot be said to be...

13. Income accrued in India - Salary income - services rendered outside India - AO objected that evidence was not produced for receiving the foreign allowance outside India...

14. Accrual of income - subscription monies received in advance - Addition on account of deferred income - CIT-A deleted the addition - The subscription monies received in...

15. Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...