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 December 2019 Year 2019 This

Income from interest as other income or business income - proof ...


Income from Interest Classified as Business Income in Duncan Industries Rehabilitation Scheme Approved by BIFR.

December 3, 2019

Case Laws     Income Tax     AT

Income from interest as other income or business income - proof of setting up of business - assessee was the proposed strategic investor in the rehabilitation scheme of the Duncan industries Ltd. - It was a sick industry for the revival of which the BIFR approved the scheme proposed by the assessee. - Claim of the assessee allowed.

View Source

 


 

You may also like:

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

  2. 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...

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

  4. Taxability of interest income - ‘Interest on bank deposits, inter-corporate deposits, debentures, from sister concerns and ‘other interest - the surplus money, unless...

  5. 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...

  6. 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...

  7. 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...

  8. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

  14. Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks...

  15. The Income Tax Appellate Tribunal held that the interest income receipts of the assessee should be treated as "business income" and not "income from other sources". The...

 

Quick Updates:Latest Updates