Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Deduction under section 80-IAB extends to interest earned on unutilised business funds compulsorily placed in fixed deposits, including deposits made at the insistence of financial institutions, where the interest is treated as business income rather than income from other sources. Expenditure disallowance under section 14A read with rule 8D cannot exceed the exempt income earned. Accordingly, the deduction for qualifying fixed-deposit interest was upheld, and the disallowance relating to exempt income was restricted to the amount of exempt income.
Deduction under section 80-IAB extends to interest earned on unutilised business funds compulsorily placed in fixed deposits, including deposits made at the insistence of financial institutions, where the interest is treated as business income rather than income from other sources. Expenditure disallowance under section 14A read with rule 8D cannot exceed the exempt income earned. Accordingly, the deduction for qualifying fixed-deposit interest was upheld, and the disallowance relating to exempt income was restricted to the amount of exempt income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
