GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (11) TMI 1024 - RAJASTHAN HIGH COURT

2016 (11) TMI 1024 - RAJASTHAN HIGH COURT - TMI - Interest paid to third party - diallowance of claim as business expenditure while estimating the net profit - Held that:- As no interest or very low rate of interest has been charged from family concerns on advances, the assessee has raised loans and paid interest and forwarded the same for non-business consideration therefore the interest from the said amount cannot be allowed as business expenditure u/s 37 of the Act being for non-business cons .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

department and also assessee's appeal. 2. This Court while admitting the matter framed the following question which reads as under:- "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in not allowing interest paid to third party as business expenditure while estimating the net profit ?" 3. Heard Mr. P.K. Kasliwal counsel for the appellant and Mrs. Parinitoo Jain counsel for the respondents. 4. In view of the fact that the tr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r, PB 65-71. the main grievance of the Revenue is that either no interest or very low rate of interest has been charged from family concerns on advances of ₹ 32,91,561/-. the assessee has raised loans and paid interest and forwarded the same for non-business consideration out of ₹ 32,91,561/- advanced to family concerns, interest on amount of ₹ 4,71,293/- and 10,64,394/- is being charged by the assessee but no interest on the remaining amount of ₹ 17,55,874/- is being cha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

8377; 17,55,874/- on product basis being the interest not for the purpose of business. Thus, the assessee gets the relief from the order of the AO accordingly. Hence, this ground of the Revenue is partly allowed and that of the assessee is dismissed. 16. Ground No.5 of the assessee and Ground No.1(3) of the Revenue. The main grievance of the assessee in its ground is that the ld. CIT(A) erred in confirming the addition by the AO on account of income from Trailer amounting to ₹ 40,000/- and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

12-7-2017 UTGST Rate

12-7-2017 UTGST Rate

12-7-2017 IGST Rate

More Notifications


Latest Circulars:

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

13-7-2017 Central Excise

13-7-2017 Customs

7-7-2017 Income Tax

7-7-2017 Goods and Services Tax

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version