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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Interest received from bank deposits/balances - whether is ...

Income Tax

September 12, 2015

Interest received from bank deposits/balances - whether is covered by ‘Principles of mutuality’ or not? - interest received from third parties cannot be exempted under the ‘Principles of mutuality’ - AT

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  1. Interest income received by the club from fixed deposit in bank cannot be form the house property and consequently this income is from other sources - there is no...

  2. Taxability of interest on FD received from bank - concept of mutuality -the income cannot be said to have been derived from any activity based on principle of mutuality - HC

  3. Exemption from payment of income tax on interest earned - fixed deposits kept with certain banks which were corporate members of the assessee club - principle of...

  4. Interest earned on deposit - principle of mutuality - The interest earned on such deposit has a clear and direct nexus to the expenditure incurred in the form of...

  5. Concept of Mutuality - Transaction between members - Interest from FDRs in bank, dividend income is not taxable based on concept of Mutuality

  6. Mutual benefit society - the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which principles of mutuality will apply.

  7. Exemption u/s 11 - principle of mutuality - the interest earned by the assessee club on certain fixed deposits kept with certain banks who are also corporate members of...

  8. Principle of mutuality - assessee club has been formed under the control of Haryana Urban Development Authority (HUDA) - ITAT allowed the benefit of Principle of...

  9. Doctrine of mutuality - Interest earned on the bank deposits by clubs - Deposit of surplus funds by the appellant Clubs by way of bank deposits in various banks - the...

  10. Deduction u/s 80P(2)(d) - interest on deposits - mutual cooperative society - A.O. directed to examine the nature of receipts which are exempt on principle of mutuality...

 

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