Home Highlights August 2012 Year 2012 This

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1. Principle of Mutuality - Co-operative Housing Society, deriving income for hiring of hall, catering services, commission etc - dis-allowance of expenses on ground that...

2. Scope of total income - Exclusion of amount transferred to special reserve - That special reserve belongs to the assessee only and is reserved for utilization in certain...

3. Dis-allowance u/s 43B - entry tax, welfare cess, Provident fund, Interest to public institutions - expenditure dis-allowed for want of proof that taxes have been paid...

4. Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

5. Dis-allowance of various expenses - self-made vouchers - some deficiencies in such self made vouchers were pointed out by the Assessing Officer by stating that the...

6. Dis-allowance u/s 40A(2)(a) - remuneration paid to Directors - in absence of material on record to hold that payment of remuneration @ Rs. 3 lacs pm to the director was...

7. Dis-allowance of depreciation on windmills – windmills installed & put to use on 31.03.05 – generation of electricity started in April 2005 – the claim for depreciation...

8. Transfer to the General Reserve on amalgamation - amounts transferred by the assessee company to the General Reserve on amalgamation is not in the nature of any benefit...

9. Dis-allowance of insurance claim written off - This amount was written off in the year 1993-94 - in the assessment year 1993-94 no theft was committed, but, it was in...

10. The High Court held that the amount transferred by the assessee to the Statutory Reserve Fund in compliance with the mandatory provisions of Section 45IC read with...

11. Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account...

12. Dis-allowance of interest - we have to see the transfer of the borrowed funds to a sister concern from the point of view of commercial expediency and not from the point...

13. MAT - Addition of debenture redemption reserve in computing Book profit u/s. 115JB - mere fact that the debenture redemption reserve is labeled as a reserve will not...

14. Transfer pricing adjustment for software development and related support services - Comparables deselected due to functional dissimilarity. TPO directed to exclude...

15. Valuation - coal excavated from the Mine - The amounts towards Royalty, MMDR, DMF Fund and Reserve Price, payable and paid by KPCL directly to the concerned Governmental...