Home Highlights June 2015 Year 2015 This

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1. Disallowance of interest on the advance - Simply because the assessee has secured loan from Standard Chartered Bank that does not mean that same interest bearing fund...

2. Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

3. 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...

4. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

5. Computation of income from house property - deduction of interest on subsequent loan which was borrowed to repay earlier loan - The proviso only carves out an exception...

6. Disallowance of interest paid to banks & others - When interest free funds and interest bearing funds are mixed together, they loose their respective identity and hence...

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. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

9. Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...

10. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

11. Deduction of interest from rental income - loan was taken for the purpose of construction of house property - looking to the fact that the assessee took a housing loan...

12. Disallowance of claim of interest expenses u/s. 57(iii) - The Assessing Officer (AO) had disallowed a portion of the interest expenses based on the difference between...

13. Income from house property (Rent) - if the loan taken has been used exclusively to repay the original/old loan for construction/acquisition of the property, interest...

14. Set off and carry forward of loss under the head ‘income from house property’ - Since the assessee is entitled to claim the entire interest paid during the year on loan...

15. Income from house property - one is self occupied property and second is vacant property - AO has applied ALV at 7% of book value of the property and computed deemed...