GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (7) TMI 13 - KARNATAKA HIGH COURT

2015 (7) TMI 13 - KARNATAKA HIGH COURT - TMI - Rectification of mistake - interest income earned from fixed deposits which was to fall within the head 'Income from Business' or 'Income from Other Sources'- Held that:- Fixed Deposits from which the interest had been earned, has been given as security for Term Loans and Overdrafts in appellant’s business and payment of interest on such Overdrafts and Term Loans far exceeds the receipt of interest received on Fixed Deposits. Appellate Commissioner .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

batable point is beyond the scope of Section 154 of the Income Tax Act, 1961. At an earlier point of time, the Assessing Officer had taken one particular view, since two views were possible. Hence, this is not the case wherein the Authority would have exercised power under Section 154 of the Income Tax Act, 1961. Hence, appeal stands dismissed. Accordingly, substantial question of law is answered against the revenue. - ITA No. 432/2009 - Dated:- 9-6-2015 - Mohan M Shantanagoudar And Aravind Kuma .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

te Authorities were correct in holding that interest income earned from fixed deposits which was to fall within the head 'Income from Business' or 'Income from Other Sources' and consequently the same would affect the computation of deduction u/s 80HHE of the Act, was held to be a debatable issue, which cannot be rectified u/s 154 of the Act? 3. This appeal is filed by the revenue and the matter is for the Assessment Year 2003-04. The assessee filed return of income on 28.11.2003 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

0,959/- and TDS was also deducted. Hence, the revenue was of the impression that this being the income from other sources, needs to be reduced from the profit of business to arrive at the deduction under Section 80HHE. Thus, revenue has concluded that same has resulted in excess allowance of 80HHE. Accordingly, proceedings under Section 154 of Income Tax Act, 1961 were initiated and assessee was called upon to furnish its objection. 5. On re-appreciating the matter, order came to be passed under .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version