Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
Interest on capital borrowed for business purposes is deductible, subject to the restriction applicable until an acquired asset is first put to use. Use of land as a storage yard may be established through delivery and transport records, electricity bills and photographs; such evidence requires verification and cannot be rejected without contrary material. Construction reflected as capital work-in-progress on part of the land does not by itself show that the remaining land was not used for business. Where interest-free funds and borrowings form a common pool, investment is presumed to come from interest-free funds unless a direct nexus with interest-bearing borrowings is established.
Interest on capital borrowed for business purposes is deductible, subject to the restriction applicable until an acquired asset is first put to use. Use of land as a storage yard may be established through delivery and transport records, electricity bills and photographs; such evidence requires verification and cannot be rejected without contrary material. Construction reflected as capital work-in-progress on part of the land does not by itself show that the remaining land was not used for business. Where interest-free funds and borrowings form a common pool, investment is presumed to come from interest-free funds unless a direct nexus with interest-bearing borrowings is established.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
