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Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Deduction of interest - Whether CIT(A) has erred in allowing the ...

Income Tax

August 17, 2015

Deduction of interest - Whether CIT(A) has erred in allowing the deduction of interest as revenue expenditure even though the same was never claimed by the assessee in the return of income? - deduction allowed - AT

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  1. Allowing the interest as deduction even though the films were not released during the year was erroneous and prejudicial to the interest of revenue – CIT has correctly...

  2. Compensation charges - revenue v/s capital - Payment of interest on advance received against the booking of plots while refunding the amount - deduction allowed. - AT

  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. Netting of interest-unless funds are borrowed for making deposit to earn interest, such interest paid can't be allowed as deduction from interest income u/s 57

  5. Software development expenditure which was application software was revenue in nature - deduction allowed u/s 37.

  6. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

  7. Deduction u/s. 80IA - nexus with business activity - The assessee having paid excess income tax, received refund with interest - Benefit of deduction allowed.

  8. Deduction u/s 80IB and 80IC - Transport subsidy - Power subsidy - Interest subsidy - Insurance subsidy - are operational in nature - related to the production -...

  9. Whether the interest paid on sales tax under the amnesty scheme is an allowable deduction as business expenditure – not panel in nature - deduction allowed - AT

  10. Broken period interest for the purchase of securities - the securities formed part of the stock in trade and therefore, the broken period interest paid should be allowed...

 

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