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Income Tax - Highlights / Catch Notes

Home Highlights December 2018 Year 2018 This

Allowance of interest expenditur - A camouflage or not, the ...

Income Tax

December 6, 2018

Allowance of interest expenditur - A camouflage or not, the assessee had arranged the affairs in such a manner as no interest being earned directly by the assessee firms through the investments made by its partners - ITAT has committed an error in allowing interest expenditure.

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  2. Addition of notional interest income - the Income Tax Officer (ITO) cannot decide affairs of businessman as to how the businessman should incur the expenses or earn the...

  3. 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

  4. The assessee was justified in adjusting the interest earned from the interest payments on term loan and the balance of interest paid was capitalized in the books - AT

  5. The withholding of interest without any justifiable reason in an arbitrary manner will entitle the assessee to claim interest on interest - AT

  6. Scope of basic wages - the allowances in question were essentially a part of the basic wage camouflaged as part of an allowance so as to avoid deduction and contribution...

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  8. Interest on refundable security deposit from the tenants - interest income earned by the assessee company is chargeable to tax as business income - AT

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  10. Exemption u/s 80P - co-operative bank - interest income earned on investment out of SLR/Non SLR surplus funds - the interest earned on such deposits is directly...

 

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