Home Highlights May 2013 Year 2013 This

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1. Deduction u/s 36(1)(viii) - long term finance for agricultural and industrial development - AO declined to allow the deduction on the ground that notification declaring...

2. Swapping premium - Disallowance u/s 36(1)(viii) - swapping premium is nothing but discounted interest and had originated in the long term finance initially advance -...

3. Revisional powers u/s 263 with respect to the deduction claimed u/s 36 (1) (viii) - With respect to the inclusion of interest on income tax refund considered both by the...

4. Long term financing - benefit of section 36(1)(viii) - inclusion in the profit and gains - a) Interest on Bank deposits, b) Interest on advances / deposits, c) Dividend...

5. Revision u/s 263 - Deduction u/s 36(1)(viii) - Insofar as, the second issue of excess allowances of deduction u/s.36 (1)(vii), the assessment order passed by the AO is...

6. Deduction u/s 36(1)(viii) - Whether assessee is eligible for deduction u/s 36(1)(viii) even though the assessee is not an eligible entity under the provisions of the Act...

7. Allowability of deduction u/s 36(1)(viii) - specified entity being the cooperative bank - The term “long term finance” has been defined under clause (h) to mean any loan...

8. Delay in employee contribution to P.F. - Disallowance u/s 36(1)(va) read with section 2(24)(x) - The onus is on the assessee to prove that it is eligible for deduction...

9. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

10. Interest expenditure - Since the basic premise with the revenue for making disallowance in the present case U/s 36(1)(iii) was that the assessee had charged less...

11. Disallowance of proportionate interest u/s. 36(1)((iii) - loan taken for construction of building for the year under consideration on which the assets were not put to...

12. Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...

13. Deduction allowable u/s 36 (1)(iii) - assessee has not commenced any business activity and no deduction is allowable u/s 36 (1) (iii) in respect of interest expenditure...

14. Disallowance u/s 36(1)(iii) on account of interest expense on borrowings - it was neither prudent for the assessee to divert any part of borrowed funds for nonbusiness...

15. Deduction u/s 36(1) (viia) - section 36(1) (viia) clearly provides for deduction of 7.5 % of the total income and a further deduction of 10 % of the aggregate of...