S.28(i): Business income-Application fees, front-end fees and processing fees -Recognition on realization basis –Addition on an accrual basis was deleted.[S. 4, 5, 145]
S.28(i): Business income-Application fees, front-end fees and processing fees -Recognition on realization basis –Addition on an accrual basis was deleted.[S. 4, 5, 145]
S. 14A: Disallowance of expenditure relating to exempt income -Recording of satisfaction by Assessing Officer is mandatory-Business loss -Allowable as deduction. [S. 28(i), 37(1)]
S.14A: Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R.8D]
S.14A: Disallowance of expenditure-Exempt income-Expenditure incurred in relation to income not includible in total income-Assessee’s own funds were much higher than investments that yield exempt income-Addition was deleted. [S.10(34), R.8D(2)(ii)]
S. 11: Property held for charitable purposes-Accumulation of income -Investment in prescribed mode -Delay of a few days in converting bank balance into fixed deposit does not disentitle exemption. [S. 11(2),11(5), 12AA, Form No.10, Rule 17]
S. 10(23C): Educational institution -Registration -Wrong provision mentioned in application -Technical mistake by counsel -Genuine institution already in existence -Final approval cannot be denied on hyper-technical ground. [First proviso cls. (iii), (iv)]
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty -Software licence fee -Not royalty-Receipts for services, not fees for technical services or included services -Addition was deleted-DTAA-India -USA [Art. 7, 12(4)(b)]
S. 4: Charge of income-tax-Premium on issue of tax-free bonds -Capital or revenue -Revenue receipt chargeable to tax. [S. 28(i)]
S. 4: Charge of income-tax-Excise duty refund-Capital or revenue receipt-The refund received was a capital receipt not chargeable to tax. [S.5]
S. 56: Income from other sources – Redevelopment – Alternate permanent accommodation received by tenant – Mere execution and registration of redevelopment agreement, without completion of project and delivery of possession, does not amount to “receipt” of immovable property – Allotment of alternate premises in lieu of surrender of tenancy rights is for valuable consideration and cannot be taxed under section 56(2)(x). [ S. 2(47), 45, 56(2)(x ) ]