Daily Archives: September 26, 2015

Gains from sale of shares out of investment portfolio are capital gain and not business profits

By | September 26, 2015

Whether Gains arising out of investments portfolio are business income or Capital Gain ? Where assessee company had maintained accounts with applicable accounting standards and revenue was unable to find fault with assessee’s claim, capital gains arising out of investments portfolio was to be taxable under head ‘Capital gain‘ and not as business income HIGH… Read More »

section 44BB service tax were to be excluded from gross receipts

By | September 26, 2015

Whether receipts  on account of service tax were to be included in the gross receipts for the purpose of determining income under section 44BB of the Income-tax Act, 1961 ? Service tax was to be excluded from gross receipts while determining income under section 44BB IN THE ITAT DELHI BENCH ‘G’ Sundowner Offshore International (Bermuda) Ltd. v.… Read More »

Proportionate interest is disallowable under Section 14A

By | September 26, 2015

Whether Proportionate interest is disallowable under Section 14A even if bank’s current deposits exceed tax-free investment ? Interest liable to be disallowed u/s 14A on proportionate basis even if assessee-bank’s current deposits exceed its investments yielding tax-free returns. Assessee-bank cannot escape disallowance of interest u/s 14A by taking the plea that its interest-free funds (own… Read More »

ICAI proposes to divide Ind AS 115 into two separate standards

By | September 26, 2015

ICAI proposes to divide Ind AS 115 into two separate standards     The Institute of Chartered Accountants of India (ICAI) proposes to divide Ind AS 115, “Revenue from Contracts with Customers” into two separate accounting standards, first is Ind AS 11, “Construction Contracts” and second is Ind AS 18, “Revenue”. National Advisory Committee on… Read More »