Home Highlights August 2012 Year 2012 This

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1. Claim of interest u/s 214 - claim of the assessee is for payment of compensation on account of the delay in payment of the interest amount - claim allowed - HC

2. Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

3. The assessee's case was selected for limited scrutiny under CASS. The PCIT observed that the assessee, along with two co-owners, had purchased an immovable property...

4. Royalty payment - revenue expenditure or capital expenditure - payment is purely revenue in nature, as they provide for payment of license fee for manufacture and sale...

5. Interest granted u/s 28 of the Land Acquisition Act on enhanced compensation or compensation awarded by the reference court u/s 18, from the date of land possession till...

6. Nature of receipt - amount received by the assessee firm as a compensation for pre-closure of its BOT projects - Revenue or capital receipt - both the learned...

7. Addition u/s.56(2)(viii) - interest for delayed payment of compensation under the Land Acquisition Act - interest received by the assessee towards delayed payment of...

8. Additions as interest income - compensation received by the assessee - As the business of assessee was set up and had started and there was huge investment made by...

9. The Supreme Court held that the acquisition proceedings failed to comply with the statutory requirement of paying full and final compensation to the landowners before...

10. TDS u/s 194C - payments made by the assessee to its affiliates - Payment towards face value of the meal vouchers to the affiliates - The entire scheme relating to...

11. Penalty u/s 271B was levied on the assessee for failure to get accounts audited despite turnover exceeding prescribed limit u/s 44AB. The Assessing Officer relied solely...

12. Claim of the assessee u/s. 89 r.w. Rule 21A of I.T. Rules - The basis of compensation calculated by the company and the company also treated the one-time compensation as...

13. The assessee received Rs. 125 lacs in cash from SGCFCL for facilitation work, which was not recorded in the books. The assessee claimed the amount was paid to 2500...

14. Denial of exemption u/s 11 - Assessee is claimed to be a trust carrying on activities of providing swimming pool facilities for aquatic events and training and...

15. Consultancy charges paid to a director were disallowed u/s 40A(2). The assessee justified the payment, citing the director's expertise, experience, and reasonableness...