Monday, August 11, 2014

ITAT and Court Decisions - Useful to...



itat
Aug 11
 
S. 57(iii): Interest paid on a loan taken to avoid premature encashment of a fixed deposit is deductible against the interest earned on the fixed deposit  

Ace Multi Axes Systems Ltd vs. DCIT (Karnataka High Court)

S. 80-IB: If the undertaking satisfies the conditions for eligibility in the initial year, it must get deduction for 10 years & non-compliance in a subsequent year is irrelevant



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