Tag Archives: Interest

Interest not received on doubtful loan can’t be taxed on accrual basis

By | November 22, 2015

Facts of the Case:- Assessee had advanced certain amount to a party on interest that said amount was outstanding and income from interest accrued had not been shown in the return. Assessing Officer View Point :- Assessing Officer, invoking the provisions of section 145, held that the interest was accrued to assessee for the year… Read More »

Interest earned by Finance Company not taxable as income from other sources as it was held as business income in earlier years

By | November 12, 2015

Interest income of finance company not taxable as other sources of income if it was held as business income in earlier years IN THE ITAT MUMBAI BENCH ‘C’ Preimus Investment & Finance Ltd. v. Deputy Commissioner of Income-tax I.P. BANSAL, JUDICIAL MEMBER AND RAJENDRA, ACCOUNTANT MEMBER IT APPEAL NO. 4879 (MUM.) OF 2012 [ASSESSMENT YEAR… Read More »