Home Highlights March 2017 Year 2017 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 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...

3. 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...

4. Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

5. 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...

6. Addition towards interest on advances to partners - interest free advances given to partners - Disallowance of interest for diversion of funds - Additions confirmed.

7. 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...

8. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

9. Addition made on account of diversion of fund - disallowance of interest expenses - there cannot be any disallowance of interest expenses provided the own fund of the...

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

11. 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...

12. 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...

13. Disallowance of interest - assessee had taken unsecured loans from the family members of the partners in the earlier years and paying interest @ 15% on the same - Fresh...

14. Disallowance of interest u/s 36(1)(iii) - The AO had disallowed the interest claimed by the assessee on advances made to its Director, citing a lack of nexus between the...

15. Disallowance of Interest Expenses related to Interest free Advance/loan given to its subsidiary company - The loan advanced to subsidiary company is financed from...