Disallowance of business expenditure - Interest income - The ...

Case Laws Income Tax

August 22, 2017

Disallowance of business expenditure - Interest income - The principal source of recurring income of the assessee is from the members - it was absolutely necessary for the assessee to maintain goodwill amongst its members and to lure them to continue to do their business with the society if it give presents to its members and to commemorate silver jubilee celebrations - expenditure allowed - HC

View Source

← Previous Next →

Disallowance of business expenditure - Interest income - The ...

Case Laws Income Tax

August 22, 2017

You may also like:

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...

Interest income earned from fixed deposits created as margin for availing business loans was rightly treated as business income and netted off against interest...

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...

Estimation of notional interest income for making the disallowance out of interest expenditure - The ld. AO ought to have not over emphasized about the conduct of the...

Penalty 271(1)(c) - deduction of interest out of ‘income from other sources’ - The AO has admitted the claim of interest expenditure to the extent of interest income and...

Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...

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...

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...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

Disallowance of interest expenditure - interest expenditure is wholly and exclusively for the purpose of earning interest income. - AO directed to grant the deduction of...

Disallowance of interest expenditure u/s 57 - nexus between the interest income vis-à-vis the interest expenditure - no nexus between the impugned income and interest...

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...

Correct head of income - interest income on FD - Income From Other Sources v/s income from business - The said interest income has been earned by the assessee in the...

Disallowance of interest expenses against the income from other sources - Once the part of the borrowed fund is utilized for the purpose of business being introduction...

Quick Updates: