Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
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.
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