borrowings

The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the difference is amortized in the books of account over the life of the forward contracts. Full Article

Thus, for the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in such a way that the approval should be granted/rejected within 3/4 months on the lines of Chapter XXC of the IT. Act, 1961. Full Article

Cheap money supply will remain for some more time giving more opportunity to invest in emerging market and increase the assets prices. But among all these we forgot to accentuate that US fiscal deficit is rising which is not a burden for US economy but will be shared equally among other economies. Now a thought line will emerge among my readers that how that happens to affect. Full Article

The Exposure Draft (ED) of revised AS 16 Borrowing Costs, issued by the ICAI, retains the core principle that al  borrowing costs incurred on borrowings undertaken to construct a ”qualifying asset” should be capitalized as part of the cost of constructing the asset. However, the ED proposes certain other changes vis-à-vis the existing AS 16. [...] Full Article

Cheminvest Ltd vs. ITO (ITAT Delhi Special Bench) The assessee had borrowed funds for the purpose of investing in shares. The shares were held for capital purposes as well as for investment purposes. In AY 2004-2005, the assessee did not receive any dividend on the said shares and so there was no exempt income. The [...] Full Article