Addition made on account of non realization of ‘Provision for ...

Surcharge Provision Deemed Non-Taxable: Considered Hypothetical, Not Actual Income of Assessee.

July 14, 2012

Case Laws Income Tax AT

Addition made on account of non realization of ‘Provision for surcharge’- such amount of surcharge cannot be held to be taxable as it is not the real income of the assessee and is hypothetical by nature - AT

View Source

← Previous Next →

Addition made on account of non realization of ‘Provision for ...

Surcharge Provision Deemed Non-Taxable: Considered Hypothetical, Not Actual Income of Assessee.

July 14, 2012

Case Laws Income Tax AT

You may also like:

The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee...

Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

Clubbing of income of Non-resident and Permanent Establishment (PE) - Levy of surcharge at 5% as against assessee’s claim of 2% - The royalty and Fee for Technical...

Deemed dividend u/s 2(22)(e) - assessee has a strategic investment in one of the group concerns in which the assessee held 17.20% shareholding - The benefit is not...

The ITAT held that the levy of surcharge at 37% on income including interest u/s 234F was incorrect. The maximum marginal rate refers to the income tax rate, including...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that...

Income taxable in India or not - Salary income - Australia assignment period - incomes deemed to accrue or arise in India as assessee is a non-resident - Despite...

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

The ITAT Amritsar considered an appeal before CIT(A) u/s 249 regarding non-admission of appeal due to non-payment of advance tax u/s 249(4)(b). The assessee claimed no...

Income derived from property held under trust - Provisions u/s 11(1)(a) of the Act speaks about the actual receipt of the income and actual expenses incurred for that...

Accrual of income - non realization of ‘Provision for surcharge’ - even though the assessee has been following mercantile system of accounting, since it is not real...

The Appellate Tribunal considered whether income earned in India by the Appellant is taxable, focusing on the denial of DTAA benefits between India and UAE. The CIT(A)...

During a search operation, the assessee surrendered a lump sum amount as alleged long-term capital gains from the sale of shares as additional income u/s 132(4). The...

Quick Updates: