Exemption u/s 11 - it is apparent that the assessee’s funds have ...

Assessee Eligible for Section 11 Tax Exemption: FDRs Remain Intact, Interest and Maturity Proceeds Support Claim.

August 16, 2013

Case Laws Income Tax AT

Exemption u/s 11 - it is apparent that the assessee’s funds have not been parted away as the FDRs were lying intact in the bank, the assessee has received interest thereon and got the maturity proceeds in the next year - therefore, assessee is eligible for exemption u/s 11 of the Act - AT

View Source

← Previous Next →

Exemption u/s 11 - it is apparent that the assessee’s funds have ...

Assessee Eligible for Section 11 Tax Exemption: FDRs Remain Intact, Interest and Maturity Proceeds Support Claim.

August 16, 2013

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - maturity proceeds of FDRs, alleging unexplained cash credits - In this regard, assessee submits a copy of the bank certificates issued by the Dena Bank...

Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

Netting off of interest interest income - The source of interest earning remained intact. In doing so, the assessee had to incur interest expenditure on overdraft. The...

A Non-Resident Indian residing in Saudi Arabia made fixed deposits from remittances received in Dubai and maturity proceeds of existing term deposits, interest on NRE...

Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

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...

The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

Assessee lent money from borrowed funds, charging higher interest rate than paid, later lending from own funds. Total interest paid eligible for deduction, though...

Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by...

Deduction u/s 80P - CIT(A) has allocated the whole of the interest expenditure over the interest on FDRs and to the extent of interest attributable to FDRs placed with...

Application u/s 154 - grant of interest u/ 244A - On appeal, we find that the CIT(A), being of the view that the impugned order before him was an order passed by the A.O...

Addition on account of Capital Introduction - source of principal amount of FDRs - the constant effort made by the assessee to justify his stand that the credit is from...

Eligibility to exemption u/s.54F - Although the failure of the assessee to deposit the sale proceeds in a Capital Gains Account Scheme, 1988 for intervening period was...

Quick Updates: