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Income Tax - Highlights / Catch Notes

Home Highlights May 2018 Year 2018 This

Accrual of interest earned on earmarked funds - Assessee is ...

Income Tax

May 7, 2018

Accrual of interest earned on earmarked funds - Assessee is bound to follow the directions of C & AG of India - when interest on earmarked fund is not related to the assessee and shall have to be spent for specific purpose, it could not be treated as income of the assessee - AT

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  2. 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

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