Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee argued for taxation upon actual receipt of the surcharge, while the AO rejected this method. The tribunal held that the surcharge, being disputable and not mandatorily payable at the time of bill payment, was not an accrued receipt and thus not taxable as real income. The AO was directed to verify when the surcharge income was realized and offered for tax. Additionally, regarding u/s 14A r.w.r. 8D, the tribunal admitted additional evidence provided by the assessee and remanded the issue to the AO for re-examination. In a separate matter for Assessment Year 2014-15, it was held that investments were made from own funds, not borrowed funds, thus disallowance u/s 14A was not permissible. Appeals were allowed for statistical purposes.
The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee argued for taxation upon actual receipt of the surcharge, while the AO rejected this method. The tribunal held that the surcharge, being disputable and not mandatorily payable at the time of bill payment, was not an accrued receipt and thus not taxable as real income. The AO was directed to verify when the surcharge income was realized and offered for tax. Additionally, regarding u/s 14A r.w.r. 8D, the tribunal admitted additional evidence provided by the assessee and remanded the issue to the AO for re-examination. In a separate matter for Assessment Year 2014-15, it was held that investments were made from own funds, not borrowed funds, thus disallowance u/s 14A was not permissible. Appeals were allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4780
Join Channel
TaxTMI 
