Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Interest on borrowed capital is deductible under section 36(1)(iii) only when the borrowing is for the assessee's own business or profession. Where the borrowed funds were invested by an individual as capital contribution in a partnership firm, and the business was carried on by the firm rather than by the individual, the statutory condition was not met. The claim, if available at all, would arise at the level of the firm and not in the individual partner's assessment. The deduction was therefore rightly disallowed, and the appeal was dismissed.
Interest on borrowed capital is deductible under section 36(1)(iii) only when the borrowing is for the assessee's own business or profession. Where the borrowed funds were invested by an individual as capital contribution in a partnership firm, and the business was carried on by the firm rather than by the individual, the statutory condition was not met. The claim, if available at all, would arise at the level of the firm and not in the individual partner's assessment. The deduction was therefore rightly disallowed, and the appeal was dismissed.
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