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 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

View Source

 


 

You may also like:

  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. Exemption u/s 10A - Percentage of new plant and machinery and old machinery - inclusion of plant and machinery received on returnable basis for determination of percentage - HC

  4. Interest earned on advances paid during pre-commencement period found to be linked to setting up of the plant of the assessee would need to be treated as capital receipt" - AT

  5. Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

  6. 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...

  7. Correct head of income - addition of interest income on margin money kept with Bank/Financial Institution taxable under the head ‘income from other sources’ - The ITAT...

  8. Disallowance of depreciation - revenue doubts existence of plant and machinery - assessee has neither able to substantiate by way of any agreements entered into by it,...

  9. Input tax credit - inputs / capital goods / input services - Solar Power Generating Plant of the applicant qualify as 'plant and machinery' as it falls under machinery -...

  10. Denial of claim under section 54G - assessee cannot be denied exemption under section 54G for the reason that plant and machinery has not been purchased. It is clear...

 

Quick Updates:Latest Updates