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. Legal principles regarding raising new grounds in an appeal before tax authorities, and the treatment of interest income earned on compulsory deposits of share...

5. Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also...

6. Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...

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 Addition u/s 68 - addition on account of share capital - the investor companies have withdrawn money from companies where funds were invested earlier and they invested...

8. 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...

9. Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

10. 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...

11. 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 -...

12. 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...

13. Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

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

15. Disallowance of interest on interest-free loans was rejected as the assessee had utilized meager amounts from surplus funds for non-business purposes. Regarding bogus...