Source of funds for investment made in mutual funds - when the ...

Case Laws Income Tax

October 3, 2016

Source of funds for investment made in mutual funds - when the partnership firm and its partners are seen holistically and in a combined manner with costs towards interest eliminated in contra, the investment in mutual funds generating tax free income bears the characteristic of and attributable to its own capital where no disallowance under S. 14A read with Rule 8D is warranted. - AT

View Source

← Previous Next →

Source of funds for investment made in mutual funds - when the ...

Case Laws Income Tax

October 3, 2016

You may also like:

Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

Addition u/s 69 - deposit made into the partnership firm by partners - Capital contribution by the partners cannot be treated as income of the assessee and if the...

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

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...

Addition u/s 68 in the hands of partnership firm - capital introduced by five partners, which in turn was out of the loan advanced - The Appellate Tribunal (AT) examined...

Unexplained cash credit u/s 68 - partnership firm is not liable to justify the source of fund in the hands of the partner - if the AO is not convinced about the...

Demand in respect of firm raised in the name of Partner - In the light of the legal nature of a partnership firm, a demand raised on the managing partner can never be...

Undisclosed investment u/s.69 - Since, the partnership deed is subsequent to the date of purchase of land, the partnership firm by no means could have made investment...

The case deals with the applicability of Section 54EC of the Income Tax Act, which provides exemption from capital gains tax if the gains are invested in specified bonds...

Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

Short Term Capital Gain - conversion of the Partnership Firms into Companies - Additions in the hands of partners - CIT (Appeals) correctly deleted the additions on...

Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

Imposition of penalty - If any liability arises against the partnership firm i.e. shifted on partners of partnership firm in the sharing ratio of the partners,...

In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market...

Quick Updates: