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Income Tax - Highlights / Catch Notes

Home Highlights April 2014 Year 2014 This

Nature of income - Interest earned on margin money - The margin ...

Income Tax

April 17, 2014

Nature of income - Interest earned on margin money - The margin money from which the interest was earned was placed for the purpose of taking the loan - The loan was given for the purpose of expansion - income not taxable - HC

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  1. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

  2. Correct head of income - addition of interest income on margin money kept with Bank/Financial Institution taxable under the head ‘income from other sources’ - The ITAT...

  3. The assessee has collected the funds from the public/depositors, who have deposited the money to earn interest - This amount is capital which will be utilized to earn income - HC

  4. Deduction u/s 80IB - AO to examine the nexus between the borrowed money and money utilized for the purpose of earning interest income - AT

  5. Nature of interest income earned from the fixed deposits for opening the letter of credits and for retention of margin money - It can only be income derived from profits...

  6. Arms' length price adjustment - There is no reasoning and justification for applying the margins earned in trading activity to indenting activity as the two are distinct...

  7. Nature of Income - Dealing in vegetable seeds - Agricultural Income OR Business Income - the percentage of margin earned on sale of agricultural produce cannot be the...

  8. TP Adjustment - 'arranged' pricing' - TNMM method or CUP method - the superiority of any particular method to arrive at the ALP is ruled out.The TNMM (Transactional Net...

  9. Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

  10. Allowability of Derivative loss - separate addition on account of alleged payment of margin monies on an estimated basis - The Tribunal emphasized that in derivative...

 

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