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Interest Expenditure

Relief to NABARD: ITAT allows Interest Expenditure incurred from Government set up fund of RIDF and STCRCF allowable as deduction [Read Order]

Aparna. M

The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) while providing relief to National Bank for Agriculture & Rural Development ( NABARD )...

Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under...

No Disallowance of Interest Expenditure not claimed during Deposit of Tax in Return: ITAT directs...

Interest Expenditure incurred on Capital allowable as Deduction u/s 24 of Income Tax Act, not part...

ITAT deletes addition made towards bogus Interest Expenditure based on Sworn Statements as well as...

Direct Nexus between Interest Expenditure Claimed and Interest Income Earned Proved: ITAT Allows Deduction Against Expenditure on 'Income from Other Sources ' [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the interest expenditure claimed by the assessee is directly related to the interest income earned during the year under...

ITAT Weekly Round-Up

This Round-Up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during August 19 to August 25, 2023. Books of Accounts...

Interest Expenditure cannot be considered for making Disallowance u/s 14A of the Act: ITAT confirms Relief of Adani Wilmar Ltd [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that interest expenditure could not be consider for making disallowance under Section 14A of the Income Tax Act, 1961...

Bombay HC deletes addition on Interest Expenditure on availability of Interest-Free Surplus Fund to make Investment [Read Order]

The Bombay High Court deleted the addition made on account of interest expenditureas the assessee, Godrej & BoyceMfg. Co. Ltd, had sufficient interest-free surplus funds to make the investment. ...

Interest Expenditure not to be Treated as Capital Expenditure: ITAT upholds Allowance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that interest expenditure is not to be treated as capital expenditure and hence that the same...

Interest from Fixed Deposit is an Unearned Passive Income derived out of Non-Manufacturing Activity and not Eligible for Deduction U/S 80IC: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench presided by Mr. Aakash Deep Jain, Vice President, and Dr. B. R. R. Kumar, Accountant Member has held that interest from the fixed deposit is an...

Assessing Officer not justified in making Disallowance of Interest Expenditure as it was not subject matter of Limited Scrutiny: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the AO is not justified in making disallowance of interest expenditure as it was not subject matter of limited scrutiny. The AO in...