Search Results Page
Search Results
1 - 6 of 6 (0.22 seconds)Virmati Ramkrishna vs Commissioner Of Income-Tax, ... on 2 February, 1976
Reliance is also placed on the decision in the case of Smt. Virmati
Ram Krishna vs. CIT (1981) 131 ITR 659 (Guj). In view of both the above
ITA No. 1640/Del/2015 8
decisions, the assessee is eligible for netting the interest received from the
interest expenditure incurred by the assessee. As a result, the appeal of the
assessee deserves to be allowed.
Commissioner Of Income Tax, West Bengal ... vs Rajendra Prasad Moody, Calcutta Etc on 4 October, 1978
In the said decision, this court clearly indicated that
(page522):
Section 56 in The Income Tax Act, 1961 [Entire Act]
Acg Associated Capsules P.Ltd vs C.I.T Central-Iv Mumbai on 8 February, 2012
It is not
the case of the Revenue that any such expenditure of interest incurred by the
assessee was claimed by him in the preceding assessment years. Thus, there
is direct nexus between earning of interest and expenditure of interest as
per section 57 of the Act. Therefore, the assessee is entitled for netting of
interest from the expenditure incurred. This principle is settled down in the
case of ACG Associates Capsules (P) Ltd. vs. CIT (2012) 18 taxmann.com 137
(SC) that the net interest income should be included in the income of the
assessee.
Section 14 in The Income Tax Act, 1961 [Entire Act]
1