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Income Tax - Highlights / Catch Notes

Home Highlights December 2013 Year 2013 This

Interest on custom duty - accrual of expenses - The interest on ...

Income Tax

December 5, 2013

Interest on custom duty - accrual of expenses - The interest on custom duty has the same nature as custom duty and therefore it could be allowed on payment basis - AT

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  2. Nature of payment (expenses) made to bank for converting rupee loan into foreign currency loan - The assessee was benefited as the interest rate was reduced - held as...

  3. Accrual of income on Kisan Vikas Patra - Promissory note OR not - the interest on Kisaan Vikas Patras has to be assessed to income tax on accrual basis - HC

  4. The interest cannot be capitalized which was paid after the slump sale was effected and the factory was in operation, and therefore, expenses were revenue in nature - HC

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  6. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

  7. Non deduction of TDS on equipment hire charges paid to the doctors - bonafide belief as in the nature of reimbursement of expenses - interest and penalty deleted - AT

  8. Interest on FDR kept for bank guarantee to secure contract to be set off from Project expenses as capital in nature, not taxable as income from other sources

  9. Nature of expenses - Allowable expenses u/s 37(1) - Interest and late fee on TDS, Late payment & penalty charges, Interest on margin trading facility - There was no...

  10. Case basis of accounting - Accrual of interest income - the stand of the assessee of offering interest income from Kisan Vikas Patra on cash basis cannot be held as incorrect - AT

 

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