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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Interest claimed on partners' capital contribution made to chit ...

Income Tax

July 16, 2014

Interest claimed on partners' capital contribution made to chit funds and interest claimed on payment to retired partners' outstanding balance - claim of deduction from income from other sources denied - AT

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  8. Interest paid to partners disallowed - The assessee has not furnished any evidence with reference to advancement of capital - claim of interest u/s 40(b) cannot be allowed - AT

  9. Nature of activity of "chit fund business" - cash management / fund management - the petitioner is not liable to pay service tax before 14.05.2015 - petition allowed.

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