Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Interest earned on fixed deposits kept only to furnish a bank guarantee for the project was held to have an inextricable nexus with the project and, therefore, had to be capitalised to work-in-progress rather than taxed as income from other sources. The Tribunal found the deposits were not a deployment of surplus funds, the bank guarantee remained in force during the relevant year, and the project had not finally ceased because cancellation was still under challenge. On that basis, it applied the project-linked receipt principle and distinguished Tuticorin Alkali, deleting the addition.
Interest earned on fixed deposits kept only to furnish a bank guarantee for the project was held to have an inextricable nexus with the project and, therefore, had to be capitalised to work-in-progress rather than taxed as income from other sources. The Tribunal found the deposits were not a deployment of surplus funds, the bank guarantee remained in force during the relevant year, and the project had not finally ceased because cancellation was still under challenge. On that basis, it applied the project-linked receipt principle and distinguished Tuticorin Alkali, deleting the addition.
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