Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Interest expenditure under section 57 remains deductible where borrowings retain a real nexus with assets generating income taxable under Income from Other Sources. Conversion of investments into sale proceeds and then fixed or term deposits does not, by itself, break that nexus. Deduction is not limited to interest income realised in the same year; arithmetical equivalence between expenditure and annual income is not required. An oral interest arrangement may establish an existing liability when supported by conduct and historical treatment. The creditor's accounting method and timing of taxability of corresponding interest are independently determined and cannot restrict the borrower's otherwise allowable deduction, subject to year-wise quantification, verification, and separate statutory disallowances.
Interest expenditure under section 57 remains deductible where borrowings retain a real nexus with assets generating income taxable under Income from Other Sources. Conversion of investments into sale proceeds and then fixed or term deposits does not, by itself, break that nexus. Deduction is not limited to interest income realised in the same year; arithmetical equivalence between expenditure and annual income is not required. An oral interest arrangement may establish an existing liability when supported by conduct and historical treatment. The creditor's accounting method and timing of taxability of corresponding interest are independently determined and cannot restrict the borrower's otherwise allowable deduction, subject to year-wise quantification, verification, and separate statutory disallowances.
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