Addition of interest income - assessee is a resident welfare ...

Case Laws Income Tax

October 10, 2022

Addition of interest income - assessee is a resident welfare association (RWA) having status of association of persons (AOP) under the Income-Tax Act - as rightly contended by the learned AR Section 40 (ba) is applicable while computing business income. This clause is not applicable while computing income from other sources. There is no prohibition in Section 57 (iii) under which deduction of interest is eligible to the assessee society.- AT

View Source

← Previous Next →

Addition of interest income - assessee is a resident welfare ...

Case Laws Income Tax

October 10, 2022

You may also like:

Applicability of GST - Benefit of exemption - Supply of Services by Residents’ Welfare Association (RWA) - The case involved an appeal by a Residents' Welfare...

Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

Exemption from GST - collections from member of Resident Welfare Association / housing societies - even if the annual turnover of the RWA is greater than Rs. 20 lakhs...

Non-resident Indian donor gifted funds to assessee through cheques from NRE account, proving identity, creditworthiness, and genuineness. Assessing Officer made addition...

Levy of GST - Valuation - Resident Welfare Association (RWA) collecting monthly maintenance charges - Any amounts collected periodically along with the monthly...

Levy of GST on Resident Welfare Association (RWA) - monthly subscription contribution charged from its members - The intention of the 'housing society' is only for...

Revision u/s 263 - deduction /exemption u/s 10(24) - Assessee is not a business entity and does not work for profit. It is an association for the welfare of certain...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Agricultural income or not - Since no agricultural income has been shown by assessee’s husband in this year, the entire income has been considered as ‘income from other...

Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

Estimation of notional interest income for making the disallowance out of interest expenditure - The ld. AO ought to have not over emphasized about the conduct of the...

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...

MAT computation - Book Profit - addition of interest on income tax refund to the Net Profit - As there is no dispute on the fact that assessee has offered interest on...

Income deemed to accrue or arise in India - residential status of the assessee under the India-USA DTAA. Assessee stayed in India for more than 183 days, considered a...

Quick Updates: