Home Highlights November 2016 Year 2016 This

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1. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

2. Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during...

3. Income earned profit on sale of mutual funds - capital gain OR business income - Holding period of the assessee is minimum of 72 days and maximum of 186 days - profit of...

4. MAT computation - Book Profit - addition of interest on income tax refund to the Net Profit - As there is no dispute on the fact that assessee has offered interest on...

5. Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

6. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

7. 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...

8. MAT computation - Adjustments u/s 115JB - reduction of debenture redemption reserve - the liability, for the discharge of which the profits are being set aside, is in...

9. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

10. Rectification of mistake - Deduction u/s. 57(iii) - set off of interest paid with interest income - The funds which ought to have been used for investment in CGDA Scheme...

11. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

12. MAT computation - exclusion of income of SEZ unit while computing Book Profit u/s 115JB - book profit computed under section 115JB will not include income of SEZ Unit - AT

13. Set off of MAT credit u/s.115JAA - assessee being a company had filed its return of income in ITR-6 (i.e. prescribed form) under schedule for MAT credit (Schedule MATC),...

14. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

15. MAT computation u/s 115JB - assessee has received excise refund and interest subsidy which have been claimed as capital receipts - But since a receipt is not in the...