Correct head of taxability of interest income - business income ...

Case Laws Income Tax

July 16, 2019

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 pledged of fixed deposit and overdraft amount was used for the purpose of business and interest was paid - since it is inextricably linked with the business activity, the impugned interest income has to be treated as business income

View Source

← Previous Next →

Correct head of taxability of interest income - business income ...

Case Laws Income Tax

July 16, 2019

You may also like:

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...

Treatment of interest earned by assessee as “Income from Other Sources” - assessee did not claim for any exemption of interest income on the basis of ‘doctrine of...

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...

Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

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...

Interest income on loans / ICD given to subsidiaries and group concerns - Correct head of income - “income from other sources” or “income from business” as claimed by...

Legal status of the assessee as a State or an agent of the State, based on Article 289 of the Constitution of India. It analyzes whether the assessee's activities are...

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...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

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...

Taxability of interest income - appropriate head of income - to be taxed as business income or income from other sources - Once the assessee itself admits that the...

Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

Quick Updates: