Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Interest paid on overdrafts secured against fixed deposits is deductible under section 57(iii) only where the taxpayer establishes a direct nexus between the borrowing cost and interest income taxable as income from other sources. Failure to prove the purpose for which overdraft funds were used, or their connection with the fixed-deposit interest income, prevents deduction of the interest expenditure. On the stated facts, the claimed interest expenditure was disallowed because the required nexus was not established.
Interest paid on overdrafts secured against fixed deposits is deductible under section 57(iii) only where the taxpayer establishes a direct nexus between the borrowing cost and interest income taxable as income from other sources. Failure to prove the purpose for which overdraft funds were used, or their connection with the fixed-deposit interest income, prevents deduction of the interest expenditure. On the stated facts, the claimed interest expenditure was disallowed because the required nexus was not established.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
