Home Highlights November 2012 Year 2012 This

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1. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

2. Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

3. Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...

4. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

5. Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'....

6. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

7. Receipt of Gift from HUF - income from other sources - whether HUF comes under the term ‘group of relatives’ defined u/s 56(2)? - Held Yes - Receipt of Gift from HUF -...

8. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

9. Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

10. Addition of unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be...

11. Interest received on enhanced compensation u/s 56(2)(viii) is taxable as income from other sources and not under capital gains. The Punjab & Haryana High Court's...

12. Deemed dividend u/s 2(22)(e) arises when an interest-free loan is provided by a company to a substantially related concern in shareholding. The issue was whether the...

13. Deemed income u/s 56(2)(vi) - before a plea based on section 56(2)(vi) can be taken, a foundation has to be laid that the transaction was without any consideration. - HC

14. Addition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income u/s.56(vi) - simply because husband has treated his loan as a gift to his...

15. Deemed dividend u/s 2(22)(e) - The Tribunal emphasized that loans and advances received in the ordinary course of business, which involve payment of interest, do not...