Entitlement to deduction of interest/service charges paid on ...

Income Tax

February 9, 2017

Entitlement to deduction of interest/service charges paid on funds raised to subscribe to the rights issue and for retaining control of 28% of its holding - Since this expenditure does not pertain to the stream of income covered by Section 37 and is not excluded by Section 57 (3), it had to be and was correctly allowed - HC

View Source

← Previous Next →

Entitlement to deduction of interest/service charges paid on ...

Income Tax

February 9, 2017

You may also like:

Entitlement to set off interest finance and professional and other charges from the interest income for the next assessment year - prior period expenditure - Deduction allowed - HC

Netting of interest-unless funds are borrowed for making deposit to earn interest, such interest paid can't be allowed as deduction from interest income u/s 57

Interest paid to ICICI and IDBI band on funds utilized to make the impugned FDRs is an allowable deduction under section 57(iii) against the interest income on such FDRs - HC

Eligibility of Cenvat credit - Debit notes raised for claiming reimbursement of rack handling charges, wagon handling charges and port railway usage charges and service...

Confirmation of allowing deduction of interest paid on borrowed funds which have been found to have direct nexus with the investment made for acquisition of shares - HC

Supply or not - Applicant raises funds by collecting contributions, (also called as charges in the bye laws of Applicant Society), from members of the society - Held Yes

Entitlement to interest on the delayed refund of the amount paid by way of predeposit - petitioner is entitled to interest @ 12% per annum - HC

Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

Non deduction of TDS on equipment hire charges paid to the doctors - bonafide belief as in the nature of reimbursement of expenses - interest and penalty deleted - AT

Deduction u/s.80P(2)(a)(i) - Assessee is entitled for deduction of interest income derived from investment of surplus funds with banks also.- AT

Quick Updates: