Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
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Interest on borrowed capital extends to service fees and other charges connected with money borrowed, debt incurred or a credit facility. Protection insurance, processing fees and annual maintenance charges paid in connection with a bank loan used to acquire a let-out property fall within this broader meaning where their genuineness and nexus with the borrowing are undisputed. Such charges are deductible as interest on borrowed capital in computing income from house property, and the related disallowance is not sustainable.
Interest on borrowed capital extends to service fees and other charges connected with money borrowed, debt incurred or a credit facility. Protection insurance, processing fees and annual maintenance charges paid in connection with a bank loan used to acquire a let-out property fall within this broader meaning where their genuineness and nexus with the borrowing are undisputed. Such charges are deductible as interest on borrowed capital in computing income from house property, and the related disallowance is not sustainable.
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