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1 - 10 of 19 (0.29 seconds)Section 44AD in The Income Tax Act, 1961 [Entire Act]
Section 28 in The Income Tax Act, 1961 [Entire Act]
Section 38 in The Income Tax Act, 1961 [Entire Act]
Section 43C in The Income Tax Act, 1961 [Entire Act]
Acg Associated Capsules P.Ltd vs C.I.T Central-Iv Mumbai on 8 February, 2012
These FDRs were
purchased for commercial purposes i.e. for obtaining bank
guarantee etc. and the loan against FDRs was used for
construction business. Thus clearly the interest on FDRs was
business income against which interest paid, if any, has to be
allowed in the absence of any business receipts during the
year. He again relied on the decision of ACG Associated
Capsules Pvt Ltd. Vs. CIT (supra) and CIT Vs. Shri Ram Honda
Power Equip, 289 ITR 475 (Delhi).