Home Highlights August 2017 Year 2017 This

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1. Deduction of expenditure from income taxable under the head "From Other Sources" - Car Lease rental income - A plain reading of section 57 (iii) of the Act would lead...

2. Claim of deduction u/s 57(iii) - activities undertaken by the assessee club - entrance fee receipt - assessee is not eligible to claim any deduction u/s 57(iii) of the...

3. Rectification of mistake - Deduction u/s. 57(iii) - set off of interest paid with interest income - The funds which ought to have been used for investment in CGDA Scheme...

4. Disallowance of interest expense - interest expense not attributable to the business shown u/s 44AD - claiming separate deduction under section 57(iii) - As abundantly...

5. 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

6. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

7. Deduction of interest expenditure incurred on borrowed funds u/s 57 - Interest incurred on borrowed funds utilized for making investment in shares in company of...

8. Deduction u/s 57(iii) - As long as the purpose of incurring expenditure is to earn income, the expenditure would have to be allowed as a deduction under Section 57(iii)...

9. Claim of legal expenses u/s 57(iii) against interest income - expenditure for recovering FD and interest - direct nexus - the award of interest is only by the specific...

10. Disallowance of interest expenditure under section 57(iii) - the interest expenditure on the borrowed amount used for the purpose of investment in the shares is an...

11. Allowability of deduction of interest expenditure u/s 57 - The provisions of section 57(iii) of the Act categorically provide for allowability of deduction of interest...

12. Deduction u/s 36(1)(iii) or 57(iii) - interest paid by the assessee on borrowed capital to the extent it was utilised for purchasing shares - The Tribunal was not...

13. Benefit of exemption u/s 194A(3)(iii)(a) on interest by the CO-OPERATIVE BANK to the Primary Agricultural Credit Societies - in the case of deposits made by the...

14. Scope and ambit of Section 29A (c) of IBC - Disqualification to submit the Resolution Plan u/s 29A - The Tribunal observed that, Section 29A, sub-section (c) does, not...

15. Addition u/s 57(iii) - Interest expenditure - monies borrowed at a higher rate of interest - it is established that the interest expenditure is linked to the interest...