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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Admittedly the other charitable institutions to whom interest ...

Income Tax

March 28, 2015

Admittedly the other charitable institutions to whom interest free loans were given by the assessee are registered under section 12A/12AA of the Act having similar objects. In such circumstances, there is no violation of the provisions of section 13(1)(d) read with section 11(5) - AT

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  1. Disallowance of interest - assessee has given interest free advances to two family members with whom the assessee did not have any business connection - Additions confirmed - AT

  2. Interest free advances and loans given to directors & sister concerns for non business purposes - Assessee had interest free funds of its own basis which addition u/s...

  3. 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...

  4. 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...

  5. TP Adjustment - Notional interest - interest-free advances extended by the assessee to its AE - In an uncontrolled condition and between persons other than associated...

  6. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  7. Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...

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

  9. Assessee has deployed its owned funds for grant of interest free loans hence the additions with respect of interest as ‘income from other sources’ is ordered to be deleted - AT

  10. Notional interest on provision of interest free loan - notional income is not taxable under the Act - AT

 

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