Home Highlights August 2017 Year 2017 This

You may also like:

1. In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

2. Deduction of expenditure from income taxable under the head "From Other Sources" - Car Lease rental income - A plain reading of section 57 (iii) of the Act would lead...

3. Claim of deduction u/s 57(iii) - activities undertaken by the assessee club - entrance fee receipt - assessee is not eligible to claim any deduction u/s 57(iii) of the...

4. 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...

5. Disallowance of interest expense - interest expense not attributable to the business shown u/s 44AD - claiming separate deduction under section 57(iii) - As abundantly...

6. The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

7. Interest paid to ICICI and IDBI band on funds utilized to make the impugned FDRs is an allowable deduction under section 57(iii) against the interest income on such FDRs - HC

8. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

9. Deduction of interest expenditure incurred on borrowed funds u/s 57 - Interest incurred on borrowed funds utilized for making investment in shares in company of...

10. Deduction u/s 57(iii) - As long as the purpose of incurring expenditure is to earn income, the expenditure would have to be allowed as a deduction under Section 57(iii)...

11. Claim of legal expenses u/s 57(iii) against interest income - expenditure for recovering FD and interest - direct nexus - the award of interest is only by the specific...

12. Disallowance of interest expenditure under section 57(iii) - the interest expenditure on the borrowed amount used for the purpose of investment in the shares is an...

13. Allowability of deduction of interest expenditure u/s 57 - The provisions of section 57(iii) of the Act categorically provide for allowability of deduction of interest...

14. 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...

15. Deduction u/s 36(1)(iii) or 57(iii) - interest paid by the assessee on borrowed capital to the extent it was utilised for purchasing shares - The Tribunal was not...