Home Highlights July 2012 Year 2012 This

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1. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

2. Credit for TDS - Whether the Tax Deducted at Source (TDS) on mobilization advance, which is a capital receipt, should be credited in the year of deduction - Mobilization...

3. Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

4. Accrual of income - subscription monies received in advance - Addition on account of deferred income - CIT-A deleted the addition - The subscription monies received in...

5. Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

6. Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

7. Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that...

8. Accrual of income - advance receipt of golf course membership fee - Merely because the income, which is pertaining to subsequent years, is received by the assessee in...

9. Accrual of income - deferred revenue income - receipt has finally been suffered to the tax but in the subsequent assessment year - if any addition is sustained in the...

10. Deductibility of the amount of service tax paid under VCES, 2013 - contention of the assessee is that the amount paid was a discharge of liability which got crystallized...

11. Mercantile system, Advance receipt of Fees, Service to be rendered in next year, Tax cannot be levied in the year of receipt, get support from AS 9 of ICAI, HC

12. Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 -...

13. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

14. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

15. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...