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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. Principle of mutuality - financial institutions from whom the interest is received by the assessee are not members of the Assessee Company but third parties. The...

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

  7. 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.

  8. Valuation of goods - related party transaction - The only case of the department rests on two counts: (i) the appellant has shown three of said companies as its...

  9. 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...

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

 

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