Deduction u/s. 80IC - Allowability of interest from FDR’s - AO ...

Section 80IC Deduction: Interest from FDRs with Boards Allowed, Insurance Claim Interest Excluded from Tax Benefits.

October 20, 2023

Case Laws Income Tax AT

Deduction u/s. 80IC - Allowability of interest from FDR’s - AO himself noted that the interest received by the assessee from four entities was due to FDR’s kept with electricity board, environment board, for opening LC therefore, the impugned amount of interest has to be held derived from the eligible business entitle for deduction u/s. 80IC. However, amount of Rs. 54,680/- interest received on insurance claim cannot be held as derived from eligible business thus this part is should be reduced for the claim u/s. 80IC - Accordingly, ground no. 2 of assessee is partly allowed. - AT

View Source

← Previous Next →

Deduction u/s. 80IC - Allowability of interest from FDR’s - AO ...

Section 80IC Deduction: Interest from FDRs with Boards Allowed, Insurance Claim Interest Excluded from Tax Benefits.

October 20, 2023

Case Laws Income Tax AT

You may also like:

Deduction u/s. 80IC - belated return filled - if deemed fit, the assessee can still approach the Board for consideration of its case and if the Board finds merit in the...

Deduction u/s 80IB and 80IC - Transport subsidy - Power subsidy - Interest subsidy - Insurance subsidy - are operational in nature - related to the production -...

Disallowance of deduction u/s 80IC - new unit or came into existence by splitting up or reconstruction of a business already in existence - Principle of consistency -...

Deduction u/s 80IC - manufacturing of plastic packaging products such as PET and HDPE bottles, jars, caps and closures - products manufactured by the assessee come...

The ITAT reversed the CIT(A)/NFAC's disallowance of interest expenses claimed under section 57(iii). The Tribunal held that the appellant had successfully established...

TP adjustment of interest - CIT(A) confirmed upward adjustment towards interest by adopting rupee loan rate instead of LIBOR linked rate in respect of foreign currency...

Interest paid to ICICI and IDBI band on funds utilized to make the impugned FDRs is an allowable deduction under section 57(iii) against the interest income on such FDRs - HC

Disallowance of deduction u/s 57(iii) - the interest paid on the loans raised against the FDR was having the direct nexus with the interest received from the FDRs and...

ITAT principally agreed that the assessee-company could claim 100% deduction under Section 80IC after "substantial expansion," treating it as an "initial assessment...

Deduction u/s 80P - CIT(A) has allocated the whole of the interest expenditure over the interest on FDRs and to the extent of interest attributable to FDRs placed with...

Deduction u/s 80IB - whether freight charges recovered from the customers are eligible for deduction under section 80IB ? - since the department has allowed the claim of...

Denial of deduction claimed under Chapter VI-A i.e. Section 80G/ 80GGA read with Section 35AC - The Appellate Tribunal noted that the appellant had not claimed the...

The assessee's claim for deduction u/s 80IC for the finished products manufactured at Unit No. III at Paonta Sahib, Himachal Pradesh, was initially allowed but later...

Revision u/s 263 - deduction of interest expenditure against the interest income - PCIT has rightly taken the view that the A.O had wrongly allowed the assessee’s claim...

Deduction u/s 80IC - substantial expansion after claim 100% deduction - AO allowed the claim of 30% as against 100% claimed by the assessee - following the decision of...

Quick Updates: