Home Highlights June 2013 Year 2013 This

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

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

3. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

4. Addition u/s 68 - addition on account of share capital - the investor companies have withdrawn money from companies where funds were invested earlier and they invested...

5. Deduction u/s 80P(2) on interest income - To invest the deposits accepted from the members or the surplus funds available with it, is part of the banking/credit business...

6. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

7. 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...

8. Profit earned on sale of shares - frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than...

9. Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

10. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

11. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

12. Nature of loss from purchase and sale of share - speculation or non speculation loss - ITAT held that deployment of funds in the instant case is more in the business of...

13. Assessment of accrued interest on investment – when the amount of unsecured load is converting into share application money and shares have been allotted, no interest...

14. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

15. Share application money cannot be equated with share capital and interest paid on share application money pending its allotment is allowable as revenue expenditure