Home Highlights September 2012 Year 2012 This

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1. Determination of income of the trust after denial of the exemptions under section 11 - Once the exemption claimed by the assessee u/s 11 of the Act has been denied, the...

2. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

3. Deduction u/s.80-IB(10) - unrecorded income towards on money - income disclosed by the assessee treated as income of the assessee from the business and not as from other sources

4. Denial of claim of deduction u/s 80IA on interest and other income - H various higher judicial authorities have held that profits of the business of the undertaking...

5. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

6. Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

7. The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

8. Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

9. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

10. Entitled to deduction u/s 80IA (4)(iii) on rental income - where the main business of the company is to earn rental income as its business income, the income would be...

11. Characterization of income - interest earned on ICDs - assessee is not in money lending business - when it is accepted that the assessee has taken a prudent business...

12. Deduction u/s 10AA - Income from gold dust - the AO himself has not denied the fact that the income from sale of gold dust is part of the business income of the assessee....

13. Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks...

14. Disallowance being the amount of exchange fluctuation loss provided at the year end on business advance received in foreign exchange - the exchange fluctuation loss...

15. Undisclosed income - entry in the seized material wherein "P-money" was written - Assessing Officer is of the view that "P-money" stands for pocket money and treated it...