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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

The amount of advance given to partners and sister concerns is ...

Income Tax

November 5, 2016

The amount of advance given to partners and sister concerns is debited to the capital account of the partners, still there is a credit balance in the partners capital account, therefore, the A.O. was not correct in holding that the assessee has diverted its interest bearing funds to its partners and sister concerns. - AT

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

  2. Interest claimed on partners' capital contribution made to chit funds and interest claimed on payment to retired partners' outstanding balance - claim of deduction from...

  3. Capital gains - Conversion of partnership firm into company - exemption - conversion of balance in capital account of a partner into loan - transfer - Section 47A r.w.s...

  4. Income - receipt of advance payment - due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet - no addition - HC

  5. 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...

  6. Deemed dividend u/s 2(22)(e) - A.O. made addition on account of debit balance of account - the account is clearly in the nature of a running current account and merely...

  7. Allowability of the interest paid to the partner by the assessee firm calculating on the opening balance of the capital account of the partner without considering the...

  8. Special audit u/s 142(2A) - there are complex issues relating to introduction of land by the partners into the firms; revaluation of land; credit of partners in capital...

  9. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

  10. Disallowance of proportionate interest on capital advances provided by the assessee - contentions of the Ld. AR are that, the advances does not pertains to sister...

 

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