![Interest Paid by the Firm to its partners cannot be disallowed: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/04/Interest.jpg "Interest Paid by the Firm to its partners cannot be disallowed: ITAT Mumbai [Read Order]")
Interest Paid by the Firm to its partners cannot be disallowed: ITAT Mumbai [Read Order]
In Syntholab Chemicals and Research Office v. ACIT, the Mumbai bench of the ITAT held that interest amount paid by the Firm to its partners cannot be...
![Waiver of Interest by Financial Institutions is Assessable as income of the Amalgamating Company on availing Benefit of Sec 72A: SC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/08/Supreme-Court-of-India-Taxscan.jpg "Waiver of Interest by Financial Institutions is Assessable as income of the Amalgamating Company on availing Benefit of Sec 72A: SC [Read Judgment]")
![Interest cannot be demanded on Unutilized CENVAT Credit Availed: CESTAT Ahmedabad [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/04/Interest-CESTAT-Taxscan.jpg "Interest cannot be demanded on Unutilized CENVAT Credit Availed: CESTAT Ahmedabad [Read Order]")
![Interest accrued on the Unrecognized Provident Fund is Taxable as ‘Income from Other Sources’: ITAT Cochin [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/03/Interest-Taxscan-ITAT-Cochin.jpg "Interest accrued on the Unrecognized Provident Fund is Taxable as ‘Income from Other Sources’: ITAT Cochin [Read Order]")
Disallowance of Interest u/s 14A should be made with reference to Net Interest Loan, not on Gross Interest: Bombay HC [Read Judgment]
In CIT v. Jubiliant Enterprises Pvt. Ltd, the division bench of the Bombay High Court confirmed that the disallowance of interest under Section 14A of the Income Tax Act should be made with reference...
![Disallowance of Interest u/s 14A should be made with reference to Net Interest Loan, not on Gross Interest: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-2-Tax-Scan.jpg "Disallowance of Interest u/s 14A should be made with reference to Net Interest Loan, not on Gross Interest: Bombay HC [Read Judgment]")
Interest Paid to Seller of Securities for the broken period is Deductible from Income: Bombay HC [Read Order]
The division bench of the Bombay High Court, in CIT v. American Express Bank, held that the amount of interest paid to the seller of the securities for the broken period is deductible from the total...
![Interest Paid to Seller of Securities for the broken period is Deductible from Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/03/Interest-Deductible-Taxscan.jpg "Interest Paid to Seller of Securities for the broken period is Deductible from Income: Bombay HC [Read Order]")
‘Cost of Acquisition’ includes the Interest Paid on Loan for Purchasing Property, Deductible from ‘Capital Gain’: ITAT Kolkata [Read Order]
In ACIT v. Mrs. Sheela Chopra, the Kolkata bench of the ITAT ruled that the amount of interest paid on loan taken for purchasing the property is an expenditure under section 48 of the Income Tax Act....
![‘Cost of Acquisition’ includes the Interest Paid on Loan for Purchasing Property, Deductible from ‘Capital Gain’: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Kolkata-TaxScan.jpg "‘Cost of Acquisition’ includes the Interest Paid on Loan for Purchasing Property, Deductible from ‘Capital Gain’: ITAT Kolkata [Read Order]")
Interest u/s 201(1A) of IT Act cannot be levied if the Deductee has returned losses and a Subsequent Assessment shows Positive Income: Allahabad HC
In a recent ruling, the Allahabad High Court confirmed the order of the ITAT that interest under Section 201(1A) of Income Tax Act, 1961 cannot be levied if the deductee has returned losses for...
Interest Earned Out of Bank FDs before the Commencement of Business is 'Business Income' of a Company: Bombay HC [Read Order]
The division bench of the Bombay High Court in CIT v. M/s Green Infra Ltd held that the interest amount received by the assessee-Company out of Bank Fixed Deposits before the commencement of business...
![Interest Earned Out of Bank FDs before the Commencement of Business is Business Income of a Company: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-Tax-Scan.jpg "Interest Earned Out of Bank FDs before the Commencement of Business is Business Income of a Company: Bombay HC [Read Order]")
![Interest on Secured Loans are Deductible under the Income Tax Act: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/01/Interest-on-Secured-Loans-Taxscan.jpg "Interest on Secured Loans are Deductible under the Income Tax Act: ITAT Kolkata [Read Order]")
Interest on FDR kept with Bank before Commencement of Business is ‘Income from Other Sources’: ITAT Kolkata [Read Order]
In the case M/s. Emta Steel & Energy Limited v. Deputy Commissioner of Income Tax, the Kolkata bench of the ITAT held that the interest received by the assessee-company on FDRs kept with Bank...
![Interest on FDR kept with Bank before Commencement of Business is ‘Income from Other Sources’: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/01/Interest-Taxscan.jpg "Interest on FDR kept with Bank before Commencement of Business is ‘Income from Other Sources’: ITAT Kolkata [Read Order]")