Home Highlights June 2012 Year 2012 This

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1. The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

2. Assessment of trust - Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust...

3. Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust had incurred...

4. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

5. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

6. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

7. The case involves the interpretation of u/s 55(2)(b)(i) and u/s 55(2)(aa)(B)(iiia) of the Income Tax Act regarding the cost of acquisition of bonus shares. The Tribunal...

8. Grant of credit for tax deducted at source u/s 195 and surcharge - Tribunal was right in holding that the advances which are once held to be not income, could not have...

9. The income relatable to earlier year cannot be added to the income of this year - AT

10. Carry forward of balance additional depreciation to the following years - whether tribunal was right in holding additional depreciation can be allowed in the next year...

11. The key points covered in the summary are: The assessee claimed tax deducted at source (TDS) on prize winnings from unsold lottery tickets as business income and set off...

12. The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales,...

13. The ITAT Delhi held that the addition u/s 56(2)(vii)(c) for bonus shares received was not applicable as the overall wealth of a shareholder post or pre-bonus remains the...

14. It has to be held that the trust had incurred expenditure on religious and charitable purposes from the income of the subsequent year, even though the actual expenditure...

15. The issue pertains to the disallowance of excess Minimum Alternate Tax (MAT) credit u/s 115JAA and whether the amount of surcharge and education cess should be reduced...