Characterization of income - interest earned on ICDs - assessee ...

Interest Income from Inter-Corporate Deposits Classified as Business Income for Non-Money Lending Businesses. No Distinction with Bank Investments.

July 31, 2019

Case Laws Income Tax AT

Characterization of income - interest earned on ICDs - assessee is not in money lending business - when it is accepted that the assessee has taken a prudent business decision to earn some income by utilizing the idle business funds, no differentiation can be made between the investments made in banks and ICDs - the interest income earned on ICDs should be treated as income from business

View Source

← Previous Next →

Characterization of income - interest earned on ICDs - assessee ...

Interest Income from Inter-Corporate Deposits Classified as Business Income for Non-Money Lending Businesses. No Distinction with Bank Investments.

July 31, 2019

Case Laws Income Tax AT

You may also like:

Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

Addition of interest - accrual of interest - Inter-corporate deposits - it cannot be said that interest has accrued to the assessee during the year when the...

Interest income on Inter Corporate Deposits (ICD) and Fixed Deposits (FD) treated as income under "Profits & Gains of Business or Profession" instead of "Income from...

Interest income earned from fixed deposits created as margin for availing business loans was rightly treated as business income and netted off against interest...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of the...

Disallowance of Interest – inter-corporate deposit - currency swap arrangement with the Bank to reduce the burden of the interest cost - assessee has not made any...

Chargebility of interest income - In view of the terms of contract, the fixed deposit and earning of interest on such fixed deposit was intricately connected with the...

ITAT ruled that interest income from fixed deposits marked as lien, conditional deposits from public offerings, deposits placed to comply with facility agreements, and...

Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

Quick Updates: