Home Highlights September 2018 Year 2018 This

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1. Deduction u/s 80-IB - netting off of interest - assessee has purchased the FDRs from the cash credit accounts on which it has paid interest which can proved from the...

2. 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...

3. Netting of interest-unless funds are borrowed for making deposit to earn interest, such interest paid can't be allowed as deduction from interest income u/s 57

4. Netting off of the interest income against interest expenditure - assessee has deposited the funds which were not immediately required for the assessee’s business and as...

5. 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...

6. Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest...

7. Netting of interest income - Once this fact is established that the Interest earned have Direct Nexus to Interest Paid, then applying the concept of Real Income, only...

8. 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...

9. Input Tax Credit (ITC) - Condition of actual payment within stipulated time period - Section 16(4) of CGST Act, 2017 - net off of receivables of one GSTIN by another...

10. 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...

11. The netting of the interest paid and the interest received is not permissible. Section 57(iii) of the Income-tax Act also does not help the assessee - the assessee...

12. TP Adjustment - 'arranged' pricing' - TNMM method or CUP method - the superiority of any particular method to arrive at the ALP is ruled out.The TNMM (Transactional Net...

13. Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

14. Addition towards single premium paid on policy taken for the Director by the Company - Determination of sum of addition - Gross amount or Net amount of premium -...

15. Addition u/s 14A - ‘net’ interest expenditure - where after setting off interest earned against the interest expenditure no further interest expense remains then...