Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Page of 4782
Press 'Enter' after typing page number.
301 to 320 of 95636 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT held that expenses claimed u/s 57(iii) lacked nexus with interest income earned on fixed deposits. The interest expenditure was for liquidation expenses, not for earning interest income. Liquidation expenses did not relate to interest income, so not allowable u/s 57(iii). Liquidator's contention that all expenses incurred during liquidation, including interest paid on loans, were allowable was rejected. Set off of losses against income from other sources dismissed due to disallowed expenses. Short term capital gains treated as long term for concessional tax rate u/s 112(1) of the Act.
The ITAT held that expenses claimed u/s 57(iii) lacked nexus with interest income earned on fixed deposits. The interest expenditure was for liquidation expenses, not for earning interest income. Liquidation expenses did not relate to interest income, so not allowable u/s 57(iii). Liquidator's contention that all expenses incurred during liquidation, including interest paid on loans, were allowable was rejected. Set off of losses against income from other sources dismissed due to disallowed expenses. Short term capital gains treated as long term for concessional tax rate u/s 112(1) of the Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
