Deduction u/s.80IA - Interest and other income - the assessee is ...

Assessee Ineligible for Section 80IA Deduction: Interest and Surcharges Not Directly Tied to Main Business Activity.

February 19, 2021

Case Laws Income Tax AT

Deduction u/s.80IA - Interest and other income - the assessee is not entitled for deduction towards eligible profit u/s.80IA of the Act in respect of other income because said income does not have first degree nexus with the main business activity of the assessee. - Further surcharge received from Electricity Board does not form part of income from operations, which is eligible for deduction u/s.80IA. - AT

View Source

← Previous Next →

Deduction u/s.80IA - Interest and other income - the assessee is ...

Assessee Ineligible for Section 80IA Deduction: Interest and Surcharges Not Directly Tied to Main Business Activity.

February 19, 2021

Case Laws Income Tax AT

You may also like:

Disallowance u/s 40(a)(ia) for non-deduction of tax at source (TDS) - assessee in default - Assessee has paid interest u/s 201(1A) for non-deduction/short deduction of...

Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

The ITAT held that the levy of surcharge at 37% on income including interest u/s 234F was incorrect. The maximum marginal rate refers to the income tax rate, including...

Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period...

Non-deduction of TDS - When the assessee has submitted necessary declaration in Form Nos.15G/15H for non-deduction of TDS and also for reversal of TDS deduction on...

The assessee made an undisclosed income declaration under Income Declaration Scheme-2016 for the assessment years 2010-11, 2011-12, and 2014-15, clubbing the income for...

The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

ITAT adjudicated a tax dispute regarding surcharge levying on a private discretionary trust. The tribunal held that despite maximum marginal tax rate application,...

Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society...

The assessee failed to demonstrate that the financial assistance availed on interest was utilized for business purposes without diversion. Where an assessee has...

Deduction u/s 80P2(a)(i) - Interest on fixed deposits - The Appellate Tribunal noted that the deductions available under Section 80P(2)(a) are activity-based, and the...

The Income Tax Appellate Tribunal allowed the assessee's claim for deduction u/s 80IA(4) of the Income Tax Act for profits derived from development of an infrastructure...

The ITAT held that deduction of interest u/s 57 against interest income must be substantiated by the assessee. Interest expenditure must be incurred for earning interest...

Disallowance of interest paid to Head Office - Non deduction of TDS - assessee submitted that Assessing Officer held that interest income is taxable under DTAA at 10% in...

Quick Updates: