Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of the income after the business has been set-up - The terms of the project may require the assessee to make fixed deposits but the same could not alter the Tax treatment of the interest income so earned by the assessee. - it was pure and simple interest on deposits which had to be considered as ‘income from other sources’ only. - AT
Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of the income after the business has been set-up - The terms of the project may require the assessee to make fixed deposits but the same could not alter the Tax treatment of the interest income so earned by the assessee. - it was pure and simple interest on deposits which had to be considered as ‘income from other sources’ only. - AT
Note: It is a system-generated summary and is for quick reference only.
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