Home Highlights December 2014 Year 2014 This

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1. Allowability of deduction u/s 36 (1) (iii) - Interest liability on loans received from the State Government - assessee is maintaining the books of accounts on...

2. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

3. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

4. Deduction u/s 36(1)(vii) - bad debts - period prior to 1st April, 1989 - applying the commercial test and business exigency test, both the conditions u/s 36(1)(vii) r.w....

5. Power of State Government to levy tax on Lotteries - the scope and ambit of lotteries organised by Government of India or Government of State under Entry 40 of List I is...

6. Disallowing interest payment on loan - Even, before us, no evidences have been provided to prove that the loan received earlier was utilized for the business purpose...

7. Disallowance on account of Principal NPA - Time Barred Interest on over-due NPA loan accounts - To avoid the double deduction, the proviso to section 36(1)(vii ) was...

8. Revision u/s 263 - Deduction u/s 36(1)(viii) - Insofar as, the second issue of excess allowances of deduction u/s.36 (1)(vii), the assessment order passed by the AO is...

9. Bad debts - Inter Corporate Deposit (ICD) - once interest income has been taxed as business income, and the assessee has written off this amount as irrecoverable, the...

10. State Government or not - Jaipur Development Authority - it is found from records that JDA is constituted by State Government under Jaipur Development Authority Act 1982...

11. Disallowance u/s 36(1)(vii) - bad debt claim in respect of identified debts - The Tribunal found no flaw in the information provided by the assessee regarding the bad...

12. Whether the State Government can levy the amount more than the actual cost incurred upon the excise staff deployed in distilleries / compounding and blending plants? -...

13. Bad debts versus Provisions for bad and doubtful debts - rural banking - Scope and ambit of the proviso to Section 36(1)(vii) - provisions of Sections 36(1)(vii) and...

14. Bad and doubtful debts written off disallowed – provision for bad and doubtful debts cannot be allowed u/s 36(1)(vii) - AT

15. Deduction towards Provision for bad debts - Addition u/s 36(1)(vii) - The ITAT found that the assessee had made a provision for bad debts but had not actually written...