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 March 2019 Year 2019 This

Broken period interest for the purchase of securities - the ...


Interest on Broken Period for Securities in Stock Should Be Deductible for Income Tax.

March 19, 2019

Case Laws     Income Tax     AT

Broken period interest for the purchase of securities - the securities formed part of the stock in trade and therefore, the broken period interest paid should be allowed as a deduction.

View Source

 


 

You may also like:

  1. Banks are required to maintain a Statutory Liquidity Ratio (SLR) by purchasing government securities. RBI guidelines categorize securities as Held-to-Maturity (HTM),...

  2. Broken period interest paid to the sellers of the securities - revenue v/s capital - if the securities were held by the banking company as stock-in-trade of the...

  3. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

  4. This case discusses various issues related to the income tax assessment of a bank. The key points are: Disallowance of expenditure incurred for reservation of seats in...

  5. Levying interest u/s 234C - Advance tax - Non-deduction of TDS by the payer - The interest income received by the assessee from IOCL was liable for deduction of tax at...

  6. Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period...

  7. Addition of Interest accrued but not due – accrual of income - broken periods - The contention that interest accrues for broken periods between two consecutive dates...

  8. The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

  9. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

  10. The Assessing Officer (AO) failed to conduct relevant inquiries regarding the shares held as penny stocks by the assessee in GCM Securities Ltd. The Principal...

  11. Valuation of Rental Income - GST - Deduction of property taxes and other statutory levies - treatment of notional interest on the security deposit - All taxes levied...

  12. Recovery proceedings - membership right - priority of Income tax Department over Stock Exchange - the petitioners-exchange would have a priority on the security deposits...

  13. Deduction from Rental income - Disallowance on account of Security Expenses and Gardening Expenses, respectively as part of annual value under Income from House Property...

  14. Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

  15. Disallowance of interest expenditure - Corresponding to interest on debit balance of partner - amounts withdrawn by the partner for the payment of income-tax from the...

 

Quick Updates:Latest Updates