Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
ITAT held that interest on fixed deposits and related receipts were taxable as income from other sources because the maintenance clauses in the sale deed and co-developer agreement did not create diversion of income by overriding title; the funds and accrued interest remained under the assessee's control, so the use of interest for maintenance was only application of income after accrual. It also held that maintenance and administrative did not have the direct and exclusive nexus required for deduction against such interest income, so the disallowance was sustained. However, the Tribunal accepted that a claim under section 80P(2)(d) could not be denied merely because the return was filed under section 139(4), and directed allowance after hearing.
ITAT held that interest on fixed deposits and related receipts were taxable as income from other sources because the maintenance clauses in the sale deed and co-developer agreement did not create diversion of income by overriding title; the funds and accrued interest remained under the assessee's control, so the use of interest for maintenance was only application of income after accrual. It also held that maintenance and administrative did not have the direct and exclusive nexus required for deduction against such interest income, so the disallowance was sustained. However, the Tribunal accepted that a claim under section 80P(2)(d) could not be denied merely because the return was filed under section 139(4), and directed allowance after hearing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
