Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Netting off of interest interest income - The source of interest ...


Court Allows Netting Off Interest for Assessee; Overdraft and FD Source Remains Unchanged.

October 17, 2018

Case Laws     Income Tax     AT

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 source of income and application of income is same, i.e. FD. - netting off of interest has to be allowed to the assessee

View Source

 


 

You may also like:

  1. 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...

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

  3. 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...

  4. The assessee derived profits from an SEZ unit before depreciation. The issue was whether business losses of earlier years should be reduced from eligible profits for...

  5. Netting off of interest is permissible. Interest earned from the bank and interest paid to the bank has to be netted off and only surplus interest becomes income of the assessee.

  6. Co-operative Housing Society declared income from maintenance charges under 'Income from other sources' with deficit of Rs. 13,86,671/-. Rental and interest income also...

  7. Set off of business loss against interest income taxable under the head income from other sources - as the assessee has not carried out any business activity during the...

  8. Peak customs duty rates remains unchanged.

  9. The Income Tax Settlement Commission passed an order charging interest u/ss 234A, 234B, and 234C of the Income Tax Act. The petitioners challenged the order's...

  10. The Appellate Tribunal adjudicated on the issue of addition of interest income and penalty u/s 271(1)(c). The assessee contended that the interest income from a Fixed...

  11. 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...

  12. Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

  13. The appellants challenged the order of the Commissioner (Appeals) denying eligible interest on the refunded amount. The court held that interest accrued on the deposited...

  14. The High Court reviewed a challenge to an interim order requiring appellants to deposit 20% of the remaining unpaid interest within a specified timeframe. The court held...

  15. Write off of irrecoverable principal amount of loan - AO had allowed the claim of bad debts in respect of the unrealized interest but had disallowed the claim in respect...

 

Quick Updates:Latest Updates