Home Highlights December 2013 Year 2013 This

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1. Addition to capital work-in-progress on account of property - amount of interest - The argument of the availability of shareholders' fund does not apply on loans...

2. Disallowing interest payment on loan - Even, before us, no evidences have been provided to prove that the loan received earlier was utilized for the business purpose...

3. Claim of interest expenditure - Nexus between investments and borrowed funds - A clear and direct nexus has to be established between the loan funds and the investments...

4. Addition of interest attributable on the diversion of loan fund - Once own fund of the assessee exceeds the amount of interest free loans and advances, then a...

5. Addition u/s 68 - Loans taken from non-resident Indians - the Revenue has taken the contradictory stand in two different assessment years. - No allegation of the Revenue...

6. Disallowance of interest u/s. 36(1)(iii) - loan borrowed for the purpose of settling outgoing partners’ capital account - The settlement of capital account of outgoing...

7. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

8. Carry forward of investment allowance - unabsorbed depreciation of Amalgamating Company - Section 72A - Claim allowed - HC

9. House property - Disallowance of interest claimed on second loan u/s.24(b) - Applicability of DBDT circular - Ld. CIT(A) recorded categorical findings that the assessee...

10. Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

11. Income from house property - if the interest free loan is repaid by interest bearing loan funds, the interest on such loan is allowable for deduction u/s 24(b) of the Act - AT

12. Taxability of amount of loan waived by the financial institution on account of one time settlement - income either u/s. 28(iv) or u/s. 41(1) - Taking support from the...

13. Deemed dividend - addition u/s 2(22)(e) - Even though, assesse has repaid the deposit within the same year, it does not mean that the loan or benefit is not taken. -...

14. Unexplained cash credit - In fact, the loans are taken from close family members and friends. It is not a case of the AO that the assessee had taken loans from certain...

15. Addition for the Term Loan taken waiver of secured loan - when the assessee had not claimed deduction under Section 36(1)(iii) of the Act for interest on loan and loan...