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Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Interest on loans advanced from borrowed funds may remain taxable as income from other sources where the statutory basis invoked for business income applies only to termination or modification of an agency or management contract, and no such contract is established. Revenue cannot replace that basis with a general business-income provision by taking a different stand. Interest expenditure on borrowings used to advance loans generating taxable interest is deductible under section 57(iii) where a reasonable and proximate nexus with earning that income is established. Actual income generation in the same year is not required, and an alleged breach of Companies Rules does not by itself defeat the deduction.
Interest on loans advanced from borrowed funds may remain taxable as income from other sources where the statutory basis invoked for business income applies only to termination or modification of an agency or management contract, and no such contract is established. Revenue cannot replace that basis with a general business-income provision by taking a different stand. Interest expenditure on borrowings used to advance loans generating taxable interest is deductible under section 57(iii) where a reasonable and proximate nexus with earning that income is established. Actual income generation in the same year is not required, and an alleged breach of Companies Rules does not by itself defeat the deduction.
Note: It is a system-generated summary and is for quick reference only.
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