Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 1099 - AT - Income TaxAddition of interest received under the head “Income from other sources” - Entitlement to claim benefit of netting off of interest - Held that:- The assessee in the present case has furnished the details of term loan disbursed to the assessee by PNB Housing Finance and advanced by the assessee to show the nexus between two. These details were not furnished by the assessee before the authorities below. In our considered opinion this issue needs a revisit to the file of Assessing Officer for verification of the loans received and same amount being advanced to other concerns. If the assessee is successful in establishing the link between the loan amount received by the assessee and the loan advanced, the assessee shall be entitled to the benefit of netting off of interest amount. Accordingly, the first ground of appeal of the assessee is allowed for the statistical purpose. Disallowance of claim of deduction u/s. 80IB(10) on income arising from sale of scrap - Held that:- Allowability of deduction u/s 80-IB in respect of income from machining charges and sale of scrap is decided in favour of the assessee. The assessee is eligible to claim deduction u/s. 80IB(10) in respect of income from sale of scrap. - Decided in favour of assessee
|