Home Highlights April 2016 Year 2016 This

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1. 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...

2. 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...

3. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

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. Interest income on fixed deposits received - AO has rightly treated the interest received during the construction period from the money parked as fixed deposits and...

6. A Non-Resident Indian residing in Saudi Arabia made fixed deposits from remittances received in Dubai and maturity proceeds of existing term deposits, interest on NRE...

7. Cash seized during investigation cannot be appropriated towards pre-deposits u/s 35FF of Central Excise Act or Section 129EE of Customs Act as a condition for filing...

8. Rent received by a person not the owner, taxable as house property income – High Court

9. Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

10. Exemption from payment of income tax on interest earned - fixed deposits kept with certain banks which were corporate members of the assessee club - principle of...

11. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

12. Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

13. Interest received from the bank was income in assessee's hands - amount paid by the assessee as interest on the loan that he took from the bank did not reduce his income...

14. Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank...

15. Chargebility of interest income - In view of the terms of contract, the fixed deposit and earning of interest on such fixed deposit was intricately connected with the...