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Whether interest paid in respect of borrowings for acquisition of capital assets not put to use in the concerned financial year can be permitted as allowable deduction under section 36(1)(iii) of the Income-tax Act, 1961?
We have gone through the Notice under Section 154 of the Income Tax Act, 1961 . We find that the said notice is totally vague. The Assessing Officer has not even indicated as to on what basis he has allowed excess set-off. Notice under Section 154 of the Act, therefore, was not maintainable.
Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect.
We find from the records that the assessee has computed his interest income arising on the difference between purchase price of the debenture and redemption price after six years and calculated the income on amortization basis.
We see no error in the observation made by the Division Bench of the High Court in the impugned judgement that once limitation period of four years provided under Section 147/149(1A) of the Income Tax Act, 1961, [for short, `the Act’] expires then the question of reopening by the Department does not arise.
On going through the records, we find that an important query was raised by the Department as to whether these two donors had the financial capacity to make the gift(s) in favour of the assessees herein. This query has not at all been answered by the Income Tax Appellate Tribunal [‘ITAT’, for short].
A short question which arises for determination in these civil appeals is, whether texturing and twisting of polyester yarn amount to ‘manufacture’ for the purpose of computation of deduction under Section 80IA of the Income Tax Act, 1961. This question has been squarely answered by this Court in the case of CIT v. Emptee Poly-Yarn (P.) Ltd. [2010] 188 Taxman 188.
It is now well settled that in determining whether a receipt is liable to be taxed, the taxing authorities cannot ignore the legal character of the transaction which is the source of the receipt. The taxing authorities are bound to determine the true legal character of the transaction.
On a plain reading of the statutory provisions of section 54, it is clear that an agreement for sale or an agreement to sell itself does not create any interest or charge in such property. Mulla on ‘Transfer of Property Act’ clearly states that section 54 enacts that an agreement for the sale of land does not itself create an interest in land.
Deduction under section 36(1)(vii) is allowable independently and irrespective of provisions for bad and doubtful debts created by the assessee in relation to the advances of the rural branches, subject to the limitation that an amount should not be deducted twice under section 36(1)(vii) and 36(1)(viia ).
