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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Addition on account of benefit/perquisite u/s 2(24)(iv) - the ...

Income Tax

November 10, 2015

Addition on account of benefit/perquisite u/s 2(24)(iv) - the interest free advance/loan to assessee from AHS also does not attract provisions of section 2(24)(iv) of the Act because this provision is only applicable to the cases wherein a company provides benefits/perquisites and this provision is not applicable in the case of partnership firm such as AHS. - AT

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  1. 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...

  2. Deletion of perquisite u/s 2(24)(vi) - interest free loan to director - interest free money in the form of entrance fee and membership fee available with the company...

  3. Business perquisite - the perquisites of business are taxable under clause (iv) of Section 28 of the Act, which contemplates that the value of any benefit or perquisite - HC

  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 amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

  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. Addition towards interest on advances to partners - interest free advances given to partners - Disallowance of interest for diversion of funds - Additions confirmed.

  8. Additions u/s 28(iv) - Business perquisite - ECB loan as received from the holding company by the assessee in convertible foreign exchange for the purpose of acquiring...

  9. 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...

  10. Addition as Professional fee - accrual of benefit / perquisites - AO has not been able to establish as to what benefit has been obtained by assessee within the meaning...

 

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