Home Highlights September 2012 Year 2012 This

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1. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

2. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

3. Penalty levied u/s 271AAB - assessee in the return of income has disclosed income on account of undisclosed jewellery - The assessee has neither earned any business...

4. Whether the undisclosed income is agricultural income eligible for exemption u/s 10 of the Income Tax Act – 50% of the income treated as agriculture income - AT

5. Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

6. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

7. Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

8. Oppression and mismanagement case - Transfer of 2500 shares by deceased challenged by appellant claiming legal heirs entitled to shares or fair price. Held: Appellant's...

9. Legal principles regarding raising new grounds in an appeal before tax authorities, and the treatment of interest income earned on compulsory deposits of share...

10. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

11. Onus lies on the AO to prove that the assessee had actually earned any undisclosed higher price on sale of these shares than the rate as disclosed by assessee. The AO's...

12. The Income Tax Settlement Commission passed an order charging interest u/ss 234A, 234B, and 234C of the Income Tax Act. The petitioners challenged the order's...

13. The key points of the legal judgment by ITAT Delhi are as follows: The case involved the taxability of interest income on FDRs purchased by Uttarakhand Forest...

14. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

15. Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...