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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Interest income - The deposit of money in the present case is ...

Income Tax

June 29, 2016

Interest income - The deposit of money in the present case is directly linked with the purchase of plant and machinery. - Interest income in the present case must be viewed as capital receipt which shall go to reduce the cost of the asset - HC

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  1. Additional deprecation - the freight charges and other charges are directly linked to the purchase of plant and machinery and cannot be delinked. - AT

  2. Interest on FDRs - The deposit of money in present case was directly linked with the business activity of the company. The same is intricately connected with the...

  3. 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...

  4. Disallowance u/s 80IA - the late payment charges or cheque bounce charges were relatable and directly linked with the telecommunication business of the assessee.

  5. Unexplained money - If the Assessing Officer is able to establish on the basis of evidence gathered that the assessee has paid on- money to the extent quantified by him,...

  6. Disallowance u/s 40A(3) - depositing cash in bank account of supplier - the purpose of Section 40A(3), is only preventive and to check tax evasions and flow of...

  7. Unexplained money u/s 69A read with 115BBE - acknowledge income/ notional income of House wife - cash deposit in bank during demonetization period - In the present case...

  8. Interest on refund - Money wrongly attached - the provision of interest in Section 244-A would have no applicability in the present case because it is a case of illegal...

  9. Entitlement to exemption u/s 54F - amount is not directly invested in purchasing of the villa - deposit of money by the assessee inter-alia in mutual fund prior to...

  10. The assessee has collected the funds from the public/depositors, who have deposited the money to earn interest - This amount is capital which will be utilized to earn income - HC

 

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