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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Interest income of the assessee from fixed deposit is not ...


Interest from Fixed Deposits Classified as "Income from Other Sources," Not "Business Income," in Recent Case Law.

April 11, 2016

Case Laws     Income Tax     AT

Interest income of the assessee from fixed deposit is not “business income” but “income from other sources”- AT

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  2. Interest income earned from fixed deposits created as margin for availing business loans was rightly treated as business income and netted off against interest...

  3. Chargebility of interest income - In view of the terms of contract, the fixed deposit and earning of interest on such fixed deposit was intricately connected with the...

  4. Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

  5. Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

  6. Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of the...

  7. Additions against fixed deposit in the name of family members and interest income - Admittedly, the amount of fixed deposit in the name of family members can adequately...

  8. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

  9. Legal status of the assessee as a State or an agent of the State, based on Article 289 of the Constitution of India. It analyzes whether the assessee's activities are...

  10. Cash seized during investigation cannot be appropriated towards pre-deposits u/s 35FF of Central Excise Act or Section 129EE of Customs Act as a condition for filing...

  11. Interest income on fixed deposits received - AO has rightly treated the interest received during the construction period from the money parked as fixed deposits and...

  12. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

  13. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

  14. ITAT ruled that interest income from fixed deposits marked as lien, conditional deposits from public offerings, deposits placed to comply with facility agreements, and...

  15. Addition made on account of interest on fixed deposits - the business nexus is clearly proved. Under these circumstances, the interest income earned on fixed deposits...

 

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