Home Highlights December 2016 Year 2016 This

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1. 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...

2. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

3. 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...

4. Additions u/s 56 - The gifts received from the close relatives u/s 56(2)(v) are outside the scope of 56(2). - The surrender of the rights of the close relatives in...

5. Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share...

6. Interest liability - Provisional assessment - interest is not payable if assessee pays the duty before finalisation - AT

7. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

8. Disallowance u/s. 40(a)(ia) - assessee has paid interest to various Non Banking Financial Companies without deducting tax at source - the assessee has obtained...

9. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

10. Disallowance u/s 40(a)(ia) for non-deduction of tax at source (TDS) - assessee in default - Assessee has paid interest u/s 201(1A) for non-deduction/short deduction of...

11. Disallowance of interest u/s. 36(1)(iii) - Advance given by the assessee to Group Company - As the advance given by the assessee to SIL which was for business purpose...

12. Disallowance of prior period interest expenses - As assessee had included the same in the closing work-in-progress in AY 2012-13. Hence this is a clear case of omission...

13. Interest expenditure - Since the basic premise with the revenue for making disallowance in the present case U/s 36(1)(iii) was that the assessee had charged less...

14. Disallowance u/s 2(24)(x) r.w.s. 36(1)(va) - assessee shall within fifteen days of the close of every month pay the same to the fund such contribution and the expression...

15. Estimation of notional interest income for making the disallowance out of interest expenditure - The ld. AO ought to have not over emphasized about the conduct of the...