Home Highlights July 2011 Year 2011 This

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1. Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against...

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. Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

4. Requirement of pre-deposit of 10% of the disputed amount u/s 107(6) of the CGST Act - the disputed amount now remains secure through the Bank Guarantee furnished, hence...

5. Nature of expenses - Allowability of Penal Interest paid to NOIDA - CIT(A) correctly allowed the assessee to capitalize the interest paid by the assessee to Noida...

6. Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

7. Invocation of performance guarantee - CIRP proceedings - the Adjudicating Authority passed the Order that “the performance guarantee given by the bankers on behalf of...

8. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

9. 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...

10. Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of...

11. Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

12. Interest earned from the unutilized capital subsidy and equity - Interest earned from the borrowed funds (short term temporary deposits) - interest from borrowed funds...

13. Amendment of section 281B. - Attachment of property - If the assessee fails to renew the bank guarantee furnished under sub-section (3) or fails to furnish a fresh...

14. Invoking and encashing a bank guarantee - Demerger of business - bank guarantee for fulfillment of the duty amount - The High Court acknowledged the limited jurisdiction...

15. IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...