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Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Disallowances of interest - part of borrowed funds has been ...

Income Tax

August 5, 2015

Disallowances of interest - part of borrowed funds has been utilized in providing interest free loans to M/s Eros Exports - assessee, itself admitted that direct nexus between borrowings and advancing loan - AO's order for Disallowance interest and exemption and u/s 11AA (SEZ unit) confirmed - AT

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  1. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

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

  4. 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...

  5. Disallowance of interest u/s 36(1)(iii) - advance to subsidiary companies - there is no finding by the AO that the subsidiary companies have not utilised the borrowed...

  6. Disallowance of interest - fund used for its business purposes or Investments - When interest free funds were sufficient to meet the Investments , no disallowance is called for

  7. Disallowance u/s 36(1)(iii) on account of interest expense on borrowings - it was neither prudent for the assessee to divert any part of borrowed funds for nonbusiness...

  8. 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...

  9. 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...

  10. Disallowance of interest made or borrowed funds - Even before us also, general submissions have been made that the amounts have been utilized for commercial expediency...

 

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