Home Highlights November 2018 Year 2018 This

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1. Nature of activity of "chit fund business" - cash management / fund management - whether classifiable under the category of "banking and other financial services" - No...

2. TP Adjustment - It is not the case that the assessee which is carrying on forwarding chain business has paid the management services for some other unrelated business...

3. 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...

4. Nature of activity - collection of octroi on behalf of the Municipal Corporation - cash management activity or not - Not covered by Banking and other Financial Services...

5. Central Government notifies the countries and specified territories - in the case of an eligible investment fund, the fund management activity carried out through an...

6. Addition u/s 69A - chit fund investment - the CIT(A) observed that being govt. employee, the assessee is not permitted to enter in chit fund. Even before us, the ld. AR...

7. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

8. Chit fund as not a money lending business - Tribunal treating moneys not paid by the prize chit winners as bad debts ? - relationship of creditor and debtor between the...

9. Benefit of exemption u/s 11 - charitable activity - Activities in the nature of trade, commerce or business - the receipts from these activities which is in the nature...

10. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

11. Disallowance of Exemption u/s 11 - Charitable purpose 2(15) - Subscription paid by a subscriber of a chit to a chit company acting as the foreman of the chit cannot be...

12. Revenue is not correct to treat the chit fund business to fall within the ambit of asset management as there is subtle difference between “banking and financial...

13. Eligibility to claim exemption u/s 11 - contribution to chit funds - it is wrong to conclude that assessee has with an intention to earn profit or income made a...

14. Registration u/s 12AA - Gujarat Cricket Association[GCA] - Merely because an activity is performed in an organized manner, that alone, will not make such activities as...

15. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...