In case of interest income earned by an assessee, only the ...

Income Tax

August 23, 2018

In case of interest income earned by an assessee, only the expenditure (not being in the nature of a capital expenditure) laid out or expended wholly and exclusively for the purpose of making or earning such income is to be allowed as a deduction under Sec. 57(iii)

View Source

← Previous Next →

In case of interest income earned by an assessee, only the ...

Income Tax

August 23, 2018

You may also like:

Deduction of expenditure incurred in earning income u/s 56 - assessee is a Thrift and Credit Society - the source is inextricable to the nature of the expenditure -...

Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

Capital expenditure or revenue expenditure - the expenditure incurred in regaining this profit company unit is in the nature of a capital expenditure and not the revenue...

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

Interest earned on FDRs - once the ECB loan which is to be utilized for capital expenditure only, then, any interest earned on funds temporarily parked in FDRs is...

Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

The expenditure incurred by the assessee towards royalty and fee for technical assistance in pursuance of the licence agreement were revenue expenditure and not capital...

Rebate u/s 88E - the interest earned by the assessee on the FDRs has intrinsic and inseggregable nexus with the work undertaken and, therefore, the interest earned by...

Nature of expenses - The expenditure was made in order to secure a long lease of new and more suitable business premises at a lower rent - Held as capital expenditure in...

Quick Updates: