Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Deduction U/S 57 - The claim of the assessee cannot be thrown ...

Income Tax

February 3, 2016

Deduction U/S 57 - The claim of the assessee cannot be thrown into the dustbin on the basis of conjectures and surmises that the agreement does not prove any nexus between the interest income earned form FDR and interest paid on OD account claimed u/s 57 of the Act without declaring the agreement as false and frivolous document. - AT

View Source

 


 

You may also like:

  1. Disallowance of interest expenditure u/s 57 - nexus between the interest income vis-à-vis the interest expenditure - no nexus between the impugned income and interest...

  2. Deduction u/s 57(iii) - As long as the purpose of incurring expenditure is to earn income, the expenditure would have to be allowed as a deduction under Section 57(iii)...

  3. Claim of legal expenses u/s 57(iii) against interest income - expenditure for recovering FD and interest - direct nexus - the award of interest is only by the specific...

  4. Disallowance of claim of deduction @ 50% u/s 57(iv) - interest received on enhanced compensation - on the basis of the overriding provision of Section 56(2)(viii) read...

  5. 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

  6. Disallowance of interest expenses u/s 57 - nexus between the interest income from FDs and the interest paid by the assessee - In assessee's case the assessing officer...

  7. Interest paid to ICICI and IDBI band on funds utilized to make the impugned FDRs is an allowable deduction under section 57(iii) against the interest income on such FDRs - HC

  8. Disallowance u/s 57(ii) - interest paid on overdrawn capital with partnership firm - deduction allowed from interest income - AT

  9. Disallowance of interest expense paid u/s. 57 - nexus between the funds withdraw from the Partnership Firm and funds used for acquiring immovable property - if we apply...

  10. Disallowance of interest expenses - direct nexus - If the amount so taken from the parties was not utilized for the purpose of making fixed deposit where from the...

 

Quick Updates:Latest Updates