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Income Tax - Highlights / Catch Notes

Home Highlights April 2013 Year 2013 This

Interest on FDRs - The deposit of money in present case was ...

Income Tax

April 12, 2013

Interest on FDRs - The deposit of money in present case was directly linked with the business activity of the company. The same is intricately connected with the business activity of the company - held as part of business profit - AT

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  1. Interest income - The deposit of money in the present case is directly linked with the purchase of plant and machinery. - Interest income in the present case must be...

  2. 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...

  3. Disallowance u/s 80IA - the late payment charges or cheque bounce charges were relatable and directly linked with the telecommunication business of the assessee.

  4. 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

  5. Determination of remuneration to partners u/s 40(b) - Interest income earned on the FDR of surplus funds cannot be considered as part of the income of the business - HC

  6. When the Tribunal has recorded a finding that the expenses relating to obtaining fixed deposits are closely linked with the business requirement of the assessee, such...

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

  8. Interest on FDRs made out of zero coupon convertible bonds - chargeable under section 56 - AT

  9. 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...

  10. Additional deprecation - the freight charges and other charges are directly linked to the purchase of plant and machinery and cannot be delinked. - AT

 

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