Home Highlights May 2012 Year 2012 This

You may also like:

1. Nature of income - Award received as settlement through an arbitration award - Amount received for withdrawal of cases against the erstwhile partners and partnership...

2. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

3. 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...

4. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

5. Interest income earned from fixed deposits created as margin for availing business loans was rightly treated as business income and netted off against interest...

6. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

7. Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

8. Interest income from temporary advancement of funds - interest received by the assessee cannot be treated as income from business and it has to be treated as income...

9. Correct head of income - interest income on FD - Income From Other Sources v/s income from business - The said interest income has been earned by the assessee in the...

10. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

11. Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

12. Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

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

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

15. Income from hoarding whether income from business or income from other sources - income of Municipal Corporation - taxable as income from other sources and exempt u/s 10(20) - HC