The Mumbai Bench of the Income Tax Appellate Tribunal has allowed ICICI Bank the deduction on interest expense on perpetual bonds.The two-member bench of Kavitha Rajagopal and Amarjit Singh has observed that merely that RBI recognises treating the said debt instruments as additional tier/capital would not change the nature of Innovative Perpetual. The Mumbai Bench of the Income Tax Appellate …
The Kolkata Bench of the Income Tax Appellate Tribunal has held that the AO is not justified in disallowing the claim of interest expense and treating it for capitalization in the project cost.The two-member bench of Rajpal Yadav and Girish Aggarwal has directed the AO to allow the claim of interest expenses of Rs.41,06,890.The appellant/assessee is. The Kolkata Bench of …
By Rajeshree Sabnavis and Saurabh Shah Shareholders are entitled to the profits of the company and such profit when distributed is termed as ‘dividend’. Further, in 2017, the government decided to tax dividend in the hands of shareholders, who had an annual dividend income in excess of ₹10 lakh. > Resident corporate shareholders shall also have a higher tax outflow …
