Daily Archives: September 26, 2015

Gains from sale of shares out of investment portfolio are capital gain and not business profits

Whether Gains arising out of investments portfolio are business income or Capital Gain ? Where assessee company had maintained accounts with applicable accounting standards and revenue was unable to find fault with assessee’s claim, capital gains arising out of investments portfolio was to be taxable under head ‘Capital gain‘ and not as business income HIGH… Read More »

Proportionate interest is disallowable under Section 14A

Whether Proportionate interest is disallowable under Section 14A even if bank’s current deposits exceed tax-free investment ? Interest liable to be disallowed u/s 14A on proportionate basis even if assessee-bank’s current deposits exceed its investments yielding tax-free returns. Assessee-bank cannot escape disallowance of interest u/s 14A by taking the plea that its interest-free funds (own… Read More »