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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Interest free advances and loans given to directors & sister ...

Income Tax

July 2, 2016

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 36(1)(iii) was deleted

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  1. 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...

  2. 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...

  3. Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

  4. Arm Length Price (ALP) - Interest free loans to the sister concern by the Assessee-company - AE's who are 100% subsidiaries - The appropriate rate would be LIBOR plus 2% - AT

  5. 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...

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

  7. Disallowance u/s 36(1)(iii) - Interest free funds to sister concerns - the net worth of the assessee has been reduced substantially due to losses incurred from the...

  8. Disallowance of interest paid to the bank - the appellant/assesse had advanced an interest free loan to its sister concern - there would be a direct benefit on account...

  9. Allowability of interest relatable to the borrowed funds given by the company to its directors and its sister concerns for acquiring agricutural land - interest allowed - AT

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

 

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