Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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The Kerala High Court disallowed interest expense claimed by the appellant u/s 36 of the Income Tax Act as it was incurred on a loan used to purchase agricultural land for cultivating tapioca, not for business purposes. The court held that despite the land being shown as a business asset, there was no evidence of its use for business. The land generated agricultural income exempt u/s 10(1), making the interest expense non-deductible u/s 36(iii) due to Section 14A. The decision favored the revenue.
The Kerala High Court disallowed interest expense claimed by the appellant u/s 36 of the Income Tax Act as it was incurred on a loan used to purchase agricultural land for cultivating tapioca, not for business purposes. The court held that despite the land being shown as a business asset, there was no evidence of its use for business. The land generated agricultural income exempt u/s 10(1), making the interest expense non-deductible u/s 36(iii) due to Section 14A. The decision favored the revenue.
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