Classification of expenses – Business expenses or not - Whether ...

High Court Confirms Interest on Loans for Share Investments Qualifies as Business Expense for Tax Purposes.

November 3, 2014

Case Laws Income Tax HC

Classification of expenses – Business expenses or not - Whether the Tribunal was right in holding that the interest on borrowed funds utilised for investment in shares can be treated as a business expenditure - held Yes - HC

View Source

← Previous Next →

Classification of expenses – Business expenses or not - Whether ...

High Court Confirms Interest on Loans for Share Investments Qualifies as Business Expense for Tax Purposes.

November 3, 2014

Case Laws Income Tax HC

You may also like:

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

The ITAT deleted additions related to dividend and interest income, holding that dividend could not be assessed in the hands of the appellant for unregistered shares,...

Disallowance of the interest expenditure on the loan taken by the assessee - The transactions are driven by business considerations and are part of the commercial...

Appellant booked artificial short-term capital loss by purchasing shares from group entities at exorbitant rates and selling same shares to other group entities at lower...

Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

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...

ITAT adjudicated a tax dispute regarding interest expense disallowance under Section 57(iii). The tribunal examined the assessee's loan transactions, noting borrowed...

Addition u/s 36(1)(iii) - deduction towards interest paid on loans borrowed for business purposes - Merely for the reason that there is no rental payment for current...

ITAT reversed CIT(A)'s addition under s.69 regarding unexplained property investment, accepting loan from assessee's mother as legitimate source after verification of...

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...

Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of...

Deduction of interest expenditure incurred on borrowed funds u/s 57 - Interest incurred on borrowed funds utilized for making investment in shares in company of...

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...

Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

ITAT partially allowed the appeal, holding that the transaction with Kamineni Health Care Pvt. Ltd. was an investment, not a loan, thereby deleting the disallowance of...

Quick Updates: