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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Deduction u/s 80IB - AO to examine the nexus between the ...

Income Tax

July 19, 2014

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

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  1. Entitlement to the deduction under Section 80IB - surrendered amount - appellant was not entitled to the deduction under Section 80IB on the surrendered amount though...

  2. Deduction of Interest paid in respect of capital borrowed for the projects - no distinction can be made between the money borrowed for acquiring capital asset or revenue asset - HC

  3. Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment...

  4. Confirmation of allowing deduction of interest paid on borrowed funds which have been found to have direct nexus with the investment made for acquisition of shares - HC

  5. Disallowance of interest expenditure - diversion of funds for non-business purpose - In order to examine the allowability of interest expenditure on funds borrowed, when...

  6. Deduction u/s 80IA and 80IB - the benefits of DEPB would constitute independent source of income beyond the first degree nexus between the profits and the industrial...

  7. The onus is upon the assessee to establish that the money was borrowed for the purpose of business - assessee failed to prove the onus - Claim of Interest disallowed - AT

  8. Interest expenses - section 36(1)(iii) - It is immaterial whether the assessee had utilized the money for capital or revenue purpose - HC

  9. Disallowance u/s.14A in respect of strategic investments made by the assessee - In any case, the undisputed fact is that the borrowed funds has been utilized by the...

  10. Deduction u/s 80IB - Private terrace area should be included in the built-up area of the flats for the purpose of working out statutory extent of the built-up area - AT

 

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