Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Addition on account of interest income - The interest income ...


Interest Income Diverted at Source Not Taxable to Assessee; Belongs to Government of Gujarat Instead.

July 4, 2015

Case Laws     Income Tax     AT

Addition on account of interest income - The interest income was diverted at source. It was not assessable in its hands. So the income did not belong to the assessee, but that was of the Govt. of Gujrat, and therefore, it cannot be taxed in the hands of the assessee - AT

View Source

 


 

You may also like:

  1. Interest earned on share capital was treated as income, but the assessee argued that the interest was used for capital expenses as mandated by the Ministry of Ayush and...

  2. Treatment of interest earned by assessee as “Income from Other Sources” - assessee did not claim for any exemption of interest income on the basis of ‘doctrine of...

  3. Characterization of interest received u/s 28 of the Land Acquisition Act, 1894, as part of enhanced compensation for compulsory acquisition of agricultural land. The key...

  4. Income from the nature of interest received by the assessee in DRDO/ISRO accounts (for short ‘FD A/cs’) - the assessee, DRDO/ISRO are either Government Departments or...

  5. 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...

  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. 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...

  8. Diversion of income by overriding Title - The assessee has acted as nodal or implementing agency for the schemes framed by GOI. Hence the amounts transferred to TDF/WDF...

  9. Interest income earned on government grants parked in bank accounts for Smart City project implementation was contested. Assessee, established for Smart City Scheme...

  10. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

  11. TDS u/s 194A - It is abundantly clear that the interest paid or accrued on the Term Deposit Accounts under Saving Bank Account of JKSRRDA was the money belonging to the...

  12. Set off of business loss against interest income taxable under the head income from other sources - as the assessee has not carried out any business activity during the...

  13. Clubbing of income u/s 64 - Additions of Sale proceeds of the land belonging to the assessee’s wife claimed to be credited to the assessee’s bank account - Wife has no...

  14. Netting off of interest interest income - The source of interest earning remained intact. In doing so, the assessee had to incur interest expenditure on overdraft. The...

  15. Legal status of the assessee as a State or an agent of the State, based on Article 289 of the Constitution of India. It analyzes whether the assessee's activities are...

 

Quick Updates:Latest Updates