Income from other sources - accrual of income - ITAT held that ...

Case Laws Income Tax

September 5, 2020

Income from other sources - accrual of income - ITAT held that sum received by the assessee pursuant to a Development Agreement had not accrued as income - on facts, the AO could not have held that this is on account of a windfall gain to be brought to tax under the head 'income from other sources'. - HC

View Source

← Previous Next →

Income from other sources - accrual of income - ITAT held that ...

Case Laws Income Tax

September 5, 2020

You may also like:

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

Revenue Recognition - gain on sale / Assignment of Intellectual Property Rights (IPR) - The assessee did not receive the sum in question for giving up any source of...

Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

Accrual of interest income - Commercial decision was taken by the appellant-assessee not to charge interest from these two borrowers as the assessee wanted to ensure...

Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

Unexplained cash credit u/s 68 - hare capital against the said share application money was allowed in the earlier years - since the alleged sum was received during the...

Liability to pay capital gain tax - hypothetical income - accrual of income - activity of development was not completed and assessee received nothing in lieu of...

Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...

Accrual of income - Year in which income is taxable - Receipt of Security Deposit - Addition on account of sale of development rights by the assessee - the fulfillment...

Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

Quick Updates: