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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Addition on account of interest paid to M/s Saini Car Scheme ...

Income Tax

May 28, 2016

Addition on account of interest paid to M/s Saini Car Scheme under Section 40A(2)(b) - The advancing of loan to the employees was for business purposes of the assessee - No addition - HC

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  1. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

  2. Interest receipt or discount on deposits, loans or advances, which is exempted, shall not be considered for computing aggregate turnover in order to determine...

  3. Adhoc disallowance made on account of expenses under the heard vehicle maintenance, interest on car loan, telephone expenses, travelling expenses and depreciation on car...

  4. 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...

  5. Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT

  6. 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...

  7. Disallowance u/s. 40A(2)(b) - assessee company had paid interest on Unsecured loans and advances taken from Directors and relatives - Considering the fact, the above two...

  8. Addition made u/s 2(22)(e) - The loan or advance taken from the company may have been ultimately repaid or adjusted but that will not alter the fact - additions confirmed - AT

  9. Inter-corporate deposit is not in the nature of loan or advance within the meaning of section 2(7) and therefore, not chargeable to the interest-tax under section 5 - HC

  10. 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

 

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