Home Highlights June 2016 Year 2016 This

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1. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

2. Deduction u/s 80-IA - Nature of Interest income - the interest received on advances and loans given to its employees are receipts in normal course of carrying its...

3. 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...

4. Interest free advances and loans given to directors & sister concerns for non business purposes - Assessee had interest free funds of its own basis which addition u/s...

5. Disallowance of interest expenditure - The interest income earned by the assessee is from loans and advances given to sister concern which is shown by the assessee to...

6. Depreciation on property – income earned may be assessable to tax under the head ‘property income’ but the fact remains that the assessee was engaged in a business...

7. The assessee was justified in adjusting the interest earned from the interest payments on term loan and the balance of interest paid was capitalized in the books - AT

8. Doctor receiving regular fixed receipt from Hospital – assessee cannot be said to be an employee and his income can only be taxed under the head income from business and...

9. Interest on refundable security deposit from the tenants - interest income earned by the assessee company is chargeable to tax as business income - AT

10. Treatment of income earned from sub-letting of business service center – AO directed to treat the impugned receipts in both the assessment years under the head business income - AT