Income from other sources - forfeiture of earnest money received ...

Case Laws Income Tax

March 1, 2019

Income from other sources - forfeiture of earnest money received during the negotiation of a capital assets is not taxable as income from other sources prior to 01.04.2015 as Insertion of new subsection (IX) in Section 56(2) w.e.f. 01.04.2015 is prospective nature.

View Source

← Previous Next →

Income from other sources - forfeiture of earnest money received ...

Case Laws Income Tax

March 1, 2019

You may also like:

Addition invoking the provisions of Section 56(2)(ix) - advances received - AO observed that, the assessee had no intention to repay the creditors - The present case,...

Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

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...

Forfeiture of advance received against capital asset - Since the forfeiture amount is more than the cost of asset, the excess amount of forfeiture has to be brought to...

Denial of deduction/exemption under section 54EC - advance received in specified assets before the date of transfer of asset - the Board have decided that if the...

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...

Taxability of sale of sub-tenancy rights - Income from Other Sources OR Income from Capital Gains - when tenancy is recognised as capital asset within meaning of Section...

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

Levy of service tax - forfeiture of earnest money and retention of compensation / liquidation damage for not delivery of purchased goods by the other party - declared...

Characterisation of receipt - Forfeiture of advance received - till the assessment year 2015- 16, the amount of forfeiture is not liable to be taxed but will go only in...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

Quick Updates: