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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Interest income received by the club from fixed deposit in bank ...

Income Tax

April 14, 2016

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 principle of mutuality - HC

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  1. 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...

  2. 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...

  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. Club or association service - The accrued interest received from the bank on an amount deposited cannot be treated as “subscription” - demand do not sustain

  5. Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

  6. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

  7. Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against...

  8. Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order to avail overdraft facility, the bank mandated pledge of fixed deposits - interest earned out of the...

  9. Computation of annual value of the property let out to the assessee’s sister concern - otional interest on security deposit is to be treated as income from house property - AT

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

 

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