Home Highlights January 2017 Year 2017 This

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1. Doctrine of mutuality - Income generated by Clubs with the Appellate Association - the income in dispute relates to pay and park charges, rent from Vodafone Tower, rent...

2. Finance Bill, 2014 - To Prescribe Basic Rates of Income Tax

3. Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

4. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

5. Assessment of trust - Determinate Trust or indeterminate Trust - Section 164(1) - That Section comes into play only where any income or any part thereof is not...

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

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

8. 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...

9. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

10. Unexplained cash credit - Addition u/s 68 - Since the assessment was becoming time barred, the AO has passed the impugned Assessment Order in a hurried manner even...

11. Amendment of section 197. - Scope extended - where, in the case of any income of any person or sum payable to any person, the income-tax is required to be deducted at...

12. Accrual of income - since parent Company was in severe financial crisis, the assessee could not receive any payment for a long time and even after delay of nearly four...

13. Income from leasing the hotel was income from business and not income from house property - AT

14. Assessee had failed to pay tax due on the income returned at the time of filing the return or even before filing of appeal or even at the time when appeal was heard by...

15. The High Court held that the petitioners have the option to file writ petitions challenging the orders of the Revisionary Authority either before the High Court within...