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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Income on account of interest treated as income from other ...

Income Tax

July 7, 2014

Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as business income - AT

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  3. Interest income from temporary advancement of funds - interest received by the assessee cannot be treated as income from business and it has to be treated as income...

  4. Disallowance of capital gains - AO was wrong in treating this transaction as ‘income from other sources’ and making disallowance u/s 68, instead of capital gains as...

  5. Disallowance of remuneration paid to working partners - instead of specified remuneration in the partnership deed, it is linked to provisions of section 40(b)(v) income...

  6. Disallowance of remuneration paid to the Directors - The A.O. has not indicated as to how the turnover could be a sound basis for comparison of remuneration - AT

  7. Refusal to waive interest u/s 234A, 234B and 234C - disallowance for want of deduction of tax at source u/s 40(a)(ia) - interest cannot be waived - HC

  8. Disallowance of remuneration to Directors - Although no revenue receipts are generated during the year, however, the company is in existence and has started generating...

  9. The ‘interest income’ earned on business advances kept with the sister concerns should be treated as ‘business income’ instead of ‘income from other sources’ - AT

  10. Disallowance treating remuneration paid to the partners under the provisions of section 40(b)(v) as excessive - A.O was not justified in working out the claim of...

 

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