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Interest Income

ITAT Allows Prior-Period Interest Deduction Citing No Revenue Loss [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction of prior-period interest expenses for the appellant, holding...

Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d): ITAT allows deduction...

CBDT Introduces Ten-Year Zero Coupon Bond by Power Finance Corporation Ltd. with Tax Benefits [Read...

ITAT Ahmedabad upholds Classification of Interest Income from Employee Loans as Business Income...

GST Demand on Non-Taxable Receipts: Madras HC Dismisses petition on Availability of statutory remedy...

Eligibility of interest income for deduction u/s 80P(2)(a)(i): ITAT remits matter to AO [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) remitted the matter back to the Assessing Officer (AO) to verify the eligibility of interest income for deduction under Section...

Interest Income classified as Business Income: ITAT grants allowance of Related Expenses [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest income earned by the assessee should be classified as business income, granting the allowance of related expenses. ...

Interest Income from Deposits with Co-operative Banks qualifies for Deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest income earned from deposits with co-operative banks qualifies for a deduction under Section 80P(2)(d) of the Income...

Incomplete Interest Income Verification: ITAT Orders Revaluation of Co-op Society's 80P Deduction Eligibility [Read Order]

Recently, the Bangalore bench of Income Tax Appellate Tribunal (ITAT) ordered the reevaluation of a Co-Operative Society’s income tax deduction eligibility under section 80P of the Income Tax Act...

Income from Staff Loans and Misc. Income directly related to Business is Deemed 'Business Income, not Income from other Sources: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to classify Rs. 129.03 lacs, including income from staff loans and...

Interest Income from Fixed Deposits Can be Set Off against Property Maintenance Expenses: ITAT [Read Order]

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) recently held in a case that interest income from fixed deposits can be set off against property maintenance expenses. The assessee/...

Interest Income from SBI Investments not attributable to Business of Taxpayer, Not Eligible for Deduction u/s 80P (2)(a)(i) of Income Tax Act: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that interest income received on investments from State Bank of India ( SBI ) was not attributable to the business of the...

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