Home Highlights July 2014 Year 2014 This

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1. Treating the interest income as 'income from other sources' - CIT(A) in his order has observed that the assessee submitted profit and loss account and balance sheet only...

2. Interest income from temporary advancement of funds - interest received by the assessee cannot be treated as income from business and it has to be treated as income...

3. Disallowance of the interest claimed by way of set of - income from other sources - establishment of nexus - interest income with interest expenses - to claim of set off...

4. Remuneration to partners – Interest income though taxable under the head income from other sources, to be included in book profit for computation of remuneration…Tri.

5. Remuneration to partners – Interest income though taxable under income from other sources, to be included in book profit for computation of remuneration..AT

6. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

7. TDS u/s 194A - It is abundantly clear that the interest paid or accrued on the Term Deposit Accounts under Saving Bank Account of JKSRRDA was the money belonging to the...

8. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

9. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

10. Interest income on loans / ICD given to subsidiaries and group concerns - Correct head of income - “income from other sources” or “income from business” as claimed by...

11. Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source...

12. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

13. Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

14. Income from the nature of interest received by the assessee in DRDO/ISRO accounts (for short ‘FD A/cs’) - the assessee, DRDO/ISRO are either Government Departments or...

15. Disallowing interest expenses u/s. 40(a)(ia) - tax deducted at source (TDS) was not deposited - No disallowance u/s. 40(a)(ia) is warranted as the payee has accounted...