Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2023 Year 2023 This

Disallowance of Expenditure u/s 57 (iii) - Nexus of expenditure ...

Income Tax

July 10, 2023

Disallowance of Expenditure u/s 57 (iii) - Nexus of expenditure with Interest Income - Employee remuneration, salary, legal expenses, board meeting expenses, Director sitting fees cannot be attributable to the interest earned from the fixed deposits. - Additions confirmed - AT

 

View Source

 


 

You may also like:

  1. Disallowance of interest expenditure u/s 57 - nexus between the interest income vis-à-vis the interest expenditure - no nexus between the impugned income and interest...

  2. Claim of legal expenses u/s 57(iii) against interest income - expenditure for recovering FD and interest - direct nexus - the award of interest is only by the specific...

  3. Disallowance of claim of interest expenses u/s. 57(iii) - The Assessing Officer (AO) had disallowed a portion of the interest expenses based on the difference between...

  4. Addition u/s 57(iii) - Interest expenditure - monies borrowed at a higher rate of interest - it is established that the interest expenditure is linked to the interest...

  5. 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...

  6. Disallowance of interest expense - interest expense not attributable to the business shown u/s 44AD - claiming separate deduction under section 57(iii) - As abundantly...

  7. Disallowing interest expenditure - interest paid resulting in loss under the head “income from other sources‟ - even though the assessee has claimed that it has...

  8. Deduction of expenditure from income taxable under the head "From Other Sources" - Car Lease rental income - A plain reading of section 57 (iii) of the Act would lead...

  9. Disallowance of interest expenditure under section 57(iii) - the interest expenditure on the borrowed amount used for the purpose of investment in the shares is an...

  10. Deduction of interest expenditure incurred on borrowed funds u/s 57 - Interest incurred on borrowed funds utilized for making investment in shares in company of...

  11. Disallowance of deduction u/s 57(iii) - the interest paid on the loans raised against the FDR was having the direct nexus with the interest received from the FDRs and...

  12. Disallowance of claim of interest expenses - The only requirement for allowing the deduction u/s 57(iii) is that the expenditure has been incurred wholly and exclusively...

  13. Interest income - new source of income - to be taxed as income from other sources and not as business income - AO rightly denied the application of provisions of section...

  14. Disallowance of brokerage on borrowed loan in the hands of partner - There is no dispute that the borrowings made by the assessee were utilised for the purpose of...

  15. Addition on account of interest expense claimed against the interest income - As the interest bearing fund has been advanced by the assessee to the parties to earn...

 

Quick Updates:Latest Updates