Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order ...

Case Laws Income Tax

July 27, 2022

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 fixed deposit made from the surplus funds being not connected to the manufacturing activity and do not form an integral part of the profits derived from industrial unit is not eligible for deduction. Interest is an unearned passive income derived out of non manufacturing activity. - AT

View Source

← Previous Next →

Deduction u/s 80-IC - Interest on Fixed Deposits (FD) - in order ...

Case Laws Income Tax

July 27, 2022

You may also like:

Disallowance of deduction claimed u/s. 80P - the funds available are for the business purpose of providing credit facilities - It is only because in a given point of...

Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

Deduction u/s 80(P)(2)(d) - Interest income earned on investment in Fixed Deposit with a cooperative bank. - The Hon’ble Apex Court categorically stated that the...

The High Court addressed the issue of deduction u/s 80-IC (2) (a) for a company manufacturing Pan Masala. The company's product was considered excluded for deduction due...

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...

Deduction u/s 80-IC in respect of the amount added back under Section 40(a)(ia) - even if the expenditure is disallowed u/s.40(a)(i) of the Act, the result will be that...

Doctrine of mutuality - Interest earned on the bank deposits by clubs - Deposit of surplus funds by the appellant Clubs by way of bank deposits in various banks - the...

Deduction u/s 80 IC/ 80 IB - assessee is eligible to deduction u/s 80 IB/ 80 IC of the Act on the damages against cancellation, commission from shipping while it is held...

Exemption u/s 80-IC - Claim denied as no work was carried at the Baddi Unit - There is no concrete material on record which would suggest that the assessee’s claim was...

Denial of deduction u/s 80-IA (4) - 'Cargo facility' operated and maintained by the assessee is infrastructure facility eligible for deduction u/s 80IA(4).

Interest income earned from fixed deposits created as margin for availing business loans was rightly treated as business income and netted off against interest...

Deduction u/s 80P - The banking activities under the Banking Regulation Act are altogether different activities. There is a vast difference between the credit societies...

Revision u/s 263 by CIT - We find that the assessment order qua the deduction under section 80(9)(2)(d) of the Act on account of interest earned from Surat Co-operative...

Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as...

Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against...

Quick Updates: