Power bank definition limits the customs-duty exclusion, preserving concessional treatment for stationary, grid-scale and industrial battery storage s...
Packing-material input credits support inverted-duty refunds for packaged tea, while rate-reduction and concessional-supply circulars remain inapplica...
Interest paid on overdrafts secured against fixed deposits is deductible under section 57(iii) only where the taxpayer establishes a direct nexus between the borrowing cost and interest income taxable as income from other sources. Failure to prove the purpose for which overdraft funds were used, or their connection with the fixed-deposit interest income, prevents deduction of the interest expenditure. On the stated facts, the claimed interest expenditure was disallowed because the required nexus was not established.
Interest paid on overdrafts secured against fixed deposits is deductible under section 57(iii) only where the taxpayer establishes a direct nexus between the borrowing cost and interest income taxable as income from other sources. Failure to prove the purpose for which overdraft funds were used, or their connection with the fixed-deposit interest income, prevents deduction of the interest expenditure. On the stated facts, the claimed interest expenditure was disallowed because the required nexus was not established.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
