Others.Interest and discount on all advances bills are in the same category of species of interest, but different from interest on balance ... value of exempted services i.e. interest on cash credit and interest on overdraft facilities, were not considered. It is the contention
money. Bank overdraft account is not
borrowed money, because overdraft account is against the assessee own
bank FDRs. It means bank overdraft is assessee ... Bank O/D 41.12 Cr.
Interest on Bank FDRS 8.30 Cr. Interest to Bank O/D 1.73 Cr.
Net Interest Income 6.57 Cr.
The current
included dividend of Rs.3,00,000/-. The assessee
added this overdraft interest with the work in progress. But Ld. AO during
assessment made ... overdraft was taken from Punjab & Maharashtra Co-op.
Bank (PMC). The said increase in overdraft was nothing but interest expense
caption
'interest' it was stated :
"There is no common law right to charge even
simple interest on an overdraft but the claim ... interest due
from him under the earlier advance which included compound
interest and penal interest. He stated that the promissory
note was executed
assessments for 1969-70 and 1970-71, disallowed the proportionate interest on bank overdraft attributable to the borrowings for investment on this project. He also ... reopened assessments disallowed the proportionate interest on bank overdraft attributable to investment on this project.
2. The assessee-company went up in appeal before
included in Gross Total Income. If the interest on FD was not
adjusted with interest on Bank Overdraft then the total other income ... interest on FD was not adjusted with interest on Bank Overdraft then the total
other income of the assessee company would
Dcit, New Delhi vs M/S. Dlf Ltd., New Delhi on 10 September, 2020
IN
Interest/Finance
charges specific to
particulars unit
-Bank charges 1448515 2614370 459335 121498 4643718
-Interest on Term 11897246 24247572 2474647 632281 39251746
Loans
-Interest Vehicle ... Fees
Other Interest 7237528 568654 402286 76590 7147750
(interest on ovedue
Bills/LCs)
Total (A) 20794144 26556355 3351898 830369 51532766
B) OD Interest on
common
plus interest of Rs.3,05,000/- from her
husband and paid interest on overdraft amounting to Rs.8,69,991/-. It is
Mrs. Nasreen ... interest on fixed deposits and the interest
on borrowings against the fixed deposits could be said to protect the interest
income from fixed deposit interest
further, that in the absence of any overdraft by the
pledgor, the pledgee bank acquired no interest in the
securities which it could deal with ... payment on
demand of the amount advanced by way of overdraft with
outstanding interest it may be realised by the Exchange Bank
by sale
