Tuesday, July 14, 2020

ITAT remanded matter to verify whether interest subsidy on loan taken to set-up P&M was capital receipt

INCOME TAX: If interest subsidy received by assesee under Technology Upgradation Fund Scheme had been utilised by assessee for purpose of meeting interest liability on loans and advances taken by it to set up its plant and machinery, subsidy incentive could be considered as a capital receipt not chargeable to tax

from www.taxmann.com Latest Case Laws https://ift.tt/2CusO0H

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...