Small Saving Schemes Clarification with regard to Interest Rates on Small Savings Schemes Press Release dt: 4-1-2012 It has been clarified that the rate prevailing at the time of investments will remain fixed and unchanged till the maturity of the investment. Any revisions in interest rates in subsequent years will only be applicable to the […]
Read MoreDescription: S.36 (1) (iii): Business expenditure – Interest on borrowed capital – Advance to sister concern – Mutual accommodations – Commercial expediency. When there is mutual accommodation by both parties in terms and lending and borrowing from each other, the assessees claim of commercial expedient has to be accepted. Ramkrishn Textiles P.Ltd. vs. ITO (2011) […]
Read MoreDescription: Interest on enhanced compensation of land is liable to be taxed once it was received . Dy CIT vs. Gopal Ramnarayan Kasat (2011) 240 CTR 266/54 DTR 228 (Bom.) High Court ). Source: 1. www.aiftponline.org 2. AIFTP TIMES Volume.No.2 July, 2011,Page No. 5. Our comment: Accrued interest on enhanced compensation on acquisition of […]
Read MoreDescription: S.36 (1) (iii): Business expenditure – Interest on borrowed capital – Advance to sister concern – Mutual accommodations – Commercial expediency. When there is mutual accommodation by both parties in terms and lending and borrowing from each other, the assessees claim of commercial expedient has to be accepted. Ramkrishn Textiles P.Ltd. vs. ITO (2011) […]
Read MoreDescription: Interest on enhanced compensation of land is liable to be taxed once it was received . Dy CIT vs. Gopal Ramnarayan Kasat (2011) 240 CTR 266/54 DTR 228 (Bom.) High Court ). Source: 1. www.aiftponline.org. 2. AIFTP TIMES Volume.No.2 July, 2011,Page No. 5. Our Comment: Accrued interest on enhanced compensation on acquisition of […]
Read MoreDescription: Section 234D applies from A.Y.2004-05 and is not retrospective. DIT vs. Jacabs Civil Incorporated. (Delhi High Court). Source: 1. www.itatonline.org. 2. AIFTP TIMES. Volume No.11 Nov.2010.Page No.12. Our Comment: Interest on Refund U/s 234d is not retrospective and not applicable for the Asst. Years earlier to Asst. Year: 2004-05
Read More