Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
The ITAT Pune ruled on interest income from land acquisition and...
Interest income from land acquisition not taxable u/s 28 - Additions of interest income derived from fixed deposits towards joint bank guarantee confirmed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The ITAT Pune ruled on interest income from land acquisition and fixed deposits. Interest u/s 28 of Land Acquisition Act is not taxable based on Bombay High Court precedent. Interest from joint bank guarantee not offered by sister is taxable in taxpayer's hands. The decision favored the taxpayer on land acquisition interest but ruled against on joint bank guarantee interest.
The ITAT Pune ruled on interest income from land acquisition and fixed deposits. Interest u/s 28 of Land Acquisition Act is not taxable based on Bombay High Court precedent. Interest from joint bank guarantee not offered by sister is taxable in taxpayer's hands. The decision favored the taxpayer on land acquisition interest but ruled against on joint bank guarantee interest.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
