Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 375 - HC - Income TaxDividend income – Income from business or income from other sources – Interest on NPA to be brought to tax or not – Held that:- Following Commissioner of Income Tax & another vs. M/s.Canfin Homes Ltd. 2011 (8) TMI 178 - KARNATAKA HIGH COURT] - dividend income earned by the assessee during the current assessment year should be brought to tax under the head "income from business" and not under the specific provisions of Section 56(2) of the Act i.e., under the head "income from other sources" - the income from non-performing asset should be recognised only when it is actually received - Decided in favor of assessee. Allowability of expenses u/s 37 of the Act – Held that:- The AO shall take into consideration the judgments of the Supreme Court in Book Bond India vs. Commercial Tax Officer [1986 (9) TMI 2 - SUPREME Court] – the matter to be remitted back to the AO for fresh consideration – Decided partly in favour of Revenue.
|