Home Highlights February 2015 Year 2015 This

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1. Amount paid as discounting charges is not an interest since it is not in respect of any debt incurred or money borrowed – TDS is not required to be deducted.

2. Disallowance of interest u/s. 36(1)(iii) - loan borrowed for the purpose of settling outgoing partners’ capital account - The settlement of capital account of outgoing...

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

4. Addition made towards disallowance of finance charges - As assessee has paid huge interest on borrowed funds. The assessee has not furnished satisfactory explanation for...

5. Initiation of CIRP - Financial Debt or Operational Debt - existence of ‘Default’ or not - The contra views arrived at by the ‘Adjudicating Authority’ that the ‘Loan’ was...

6. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

7. Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

8. Deduction of Interest paid in respect of capital borrowed for the projects - no distinction can be made between the money borrowed for acquiring capital asset or revenue asset - HC

9. Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Money changing activities - Circular

10. Disallowance of interest expenditure - diversion of funds for non-business purpose - In order to examine the allowability of interest expenditure on funds borrowed, when...

11. Disallowance of interest u/s 36(1)(iii) on proportionate basis - mixed funds i.e own funds as well as borrowed funds - commercial expediency - charging / non-charging of...

12. Disallowance of interest expense paid u/s. 57 - nexus between the funds withdraw from the Partnership Firm and funds used for acquiring immovable property - if we apply...

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. Entitled to registration u/s 12AA and approval under Section 80G - Allegation of charging higher rate of interest from the self help groups in the name of charitable...

15. 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...