Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Deduction of interest on borrowed funds for acquisition of a commercial property was denied as business expenditure under s.36(1)(iii) because the assessee failed to establish that the property was acquired for, or actually used in, the assessee's business; the disallowance as business interest was upheld. However, since the property was not occupied for business purposes, its annual value was taxable under the head "Income from House Property," and interest on borrowing for acquisition was in principle deductible under s.24(b) against such annual value; the matter was remanded to the AO to compute annual value under s.23 and allow the corresponding s.24(b) deduction after hearing the assessee. - ITAT
Deduction of interest on borrowed funds for acquisition of a commercial property was denied as business expenditure under s.36(1)(iii) because the assessee failed to establish that the property was acquired for, or actually used in, the assessee's business; the disallowance as business interest was upheld. However, since the property was not occupied for business purposes, its annual value was taxable under the head "Income from House Property," and interest on borrowing for acquisition was in principle deductible under s.24(b) against such annual value; the matter was remanded to the AO to compute annual value under s.23 and allow the corresponding s.24(b) deduction after hearing the assessee. - ITAT
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