Home Highlights February 2013 Year 2013 This

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1. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

2. Deduction u/s 80IAB - The statute or the provisions contained u/s 80IAB does not make any distinction that if the income has been derived from approved activities in...

3. Exemption from payment of sales tax - poultry farm on leased land - exemption was rejected on the ground that the assessee was not the owner of the land where the farm...

4. Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

5. Correct head of income - sale of land - “capital gains” or “business income” - In the present case, undisputedly the appellant had made a distinction between those lands...

6. Addition of interest income under the head ‘income from other sources’ while computing tonnage tax u/s.115VI - The question whether the assessee had maintained separate...

7. Rejection of application for settlement of the Case - full and true disclosure of the income - the manner in which such income has been derived - Section 245(C) of the...

8. Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition,...

9. Nature of land sold appurtenant to the bungalow - whether agricultural land within the meaning of Section 2(14)(a)(iii) of the Act and hence, its sale proceeds are...

10. Lease income derived from the agricultural land - "income from other source" OR “agricultural income” which is exempt from tax u/s.10(1) - unless there is some measure...

11. Treatment to commission income - commission income earned by the assessee is chargeable to tax under the head of "Profits and gains of the business" only. As business,...

12. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

13. 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...

14. Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

15. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...