Home Highlights October 2015 Year 2015 This

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1. Exemption u/s 10A/10B - Interest income - deposits made with banks for obtaining letters of credit - Benefit of deduction u/s 10B on interest income related to export...

2. 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 -...

3. Deduction u/s 10B - Interest income inclusion/exclusion - interest on bank deposits was eligible to be included in profits of hundred percent export oriented unit for...

4. Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment...

5. Quantification of pre-deposit of 20% before filing an appeal - Disputed tax amount includes demand of interest or not - The High Court examined the relevant provisions...

6. Deduction u/s. 10B - Even though an estimation of excess stock in the middle of the year, while accepting the Books of Accounts of the year, is not generally permitted...

7. The ITAT Chandigarh dealt with a case involving revision u/s 263 on interest income from fixed deposits. The tribunal held that AO correctly allowed deduction u/s 80P,...

8. Deduction u/s 10B - profit of eligible undertaking for the purpose of allowing deduction u/s 10B of the Act at the source itself without deduction of unabsorbed brought...

9. Entitlement to deduction u/s 10B - it is trite law that accounting entries are not decisive in determining the question of eligibility for a claim of deduction or exemption - AT

10. Eligibility of deduction u/s.10A - The provisions of Sub Section (4) of Section 92CA of the Act specifically provides that addition made u/s.92CA(3) of the Act is not...

11. Stay - requirement of pre-deposit - whether to deposit tax with interest etc. or only the tax portion alone - Section 17D(5) of KGST Act - interest is not included - HC

12. TP Adjustment - notional interest on outstanding receivables due from Associated Enterprises (AES) - assessee not charging any interest from its AEs - Treatment of...

13. Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order to avail overdraft facility, the bank mandated pledge of fixed deposits - interest earned out of the...

14. Revision u/s 263 by CIT - The subject matter of the deduction in the reassessment order was the quantum of deduction but not the eligibility of the deduction and even in...

15. TP adjustment - Interest received by the Appellant from SCB India on fixed deposits - DRP noted that the PNB interest rate card adopted by the TPO was effective from...