Home Highlights July 2014 Year 2014 This

You may also like:

1. Disallowance of depreciation - capital subsidy received under Technology Upgradation Fund (TUF) scheme - the said capital subsidy need to be directly credited only to...

2. Nature of subsidy received under the Technology Upgradation Fund Scheme - revenue or capital receipt - The subsidy was clearly for the purpose of upgrading the machinery...

3. Book profit computation u/s. 115JB for capital receipt inform of interest subsidy - After considering the finding of the judicial pronouncement on this issue, the...

4. Interest income earned from funds received from Government for setting up a company is a capital receipt, not revenue receipt, as the funds and income must be utilized...

5. Revenue or capital receipt - sales tax subsidy/incentive under the Package Scheme of Incentives Scheme, 1993 - The High Court held that the sales tax subsidy/incentive...

6. 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...

7. The assessee received funds from DSIR, repayable as royalty equaling 1.3 times the amount, which the AO treated as royalty disallowing weighted deduction u/s 35(2AB)....

8. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

9. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

10. The assessee failed to demonstrate that the financial assistance availed on interest was utilized for business purposes without diversion. Where an assessee has...

11. Disallowance of interest u/s. 36(1)(iii) - AO observed that, interest-bearing funds had been diverted/utilized by the assessee for making gifts to his nephews - it can...

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

13. Rectification of mistake - Deduction u/s. 57(iii) - set off of interest paid with interest income - The funds which ought to have been used for investment in CGDA Scheme...

14. LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

15. Interest earned from the unutilized capital subsidy and equity - Interest earned from the borrowed funds (short term temporary deposits) - interest from borrowed funds...