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Income Tax - Highlights / Catch Notes

Home Highlights August 2014 Year 2014 This

Assessment of accrued interest on investment – when the amount ...

Income Tax

August 6, 2014

Assessment of accrued interest on investment – when the amount of unsecured load is converting into share application money and shares have been allotted, no interest income would accrue - AT

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  1. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  2. Renting of Immovable Property Service - notional interest accruing on the lumpsum amounts received - There is no justification for inclusion of the notional interest in...

  3. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

  4. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

  5. Credit of TDS - tds deducted on the interest income which accrued the investments offered to tax under the ‘Income Declaration Scheme 2016’ - If after the necessary...

  6. Revision u/s 263 - during the course of assessment, the AO made an addition on account of unexplained cash credit of unsecured loan u/s 68 - AO omitted to disallow the...

  7. Addition u/s 68 - Unsecured Loans - onus to proof - Assessee had also paid interest on the unsecured loan after deducting TDS @20% which reveals that during subsequent...

  8. Club or association service - The accrued interest received from the bank on an amount deposited cannot be treated as “subscription” - demand do not sustain

  9. No interest accrues when the principal amount of loan itself becomes doubtful. - AT

  10. Disallowance of interest on unsecured loan taken which is 100% subsidiary of the assessee - addition on the ground as it is not incurred for the purpose of assessee’s...

 

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