Disallowance of interest paid to close relatives of the assessee ...

Income Tax

December 9, 2016

Disallowance of interest paid to close relatives of the assessee - Interest of 18% paid by the assessee could not considered as excessive. Application of Sec. 40A(2) was not warranted - AT

View Source

← Previous Next →

Disallowance of interest paid to close relatives of the assessee ...

Income Tax

December 9, 2016

You may also like:

Additions u/s 56 - The gifts received from the close relatives u/s 56(2)(v) are outside the scope of 56(2). - The surrender of the rights of the close relatives in...

Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share...

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...

Disallowance of Commission - Paid to firm in which director has substantial interest - the firm has earned the commission only from the assessee & not from any other...

Disallowance of the premium paid - Since the assessee has ignored the premium paid on purchase of bonds and claimed the same also as interest, it is not an allowable...

Levy of penalty u/s 271D - Cash loans from close relatives cannot be said to fall within the mischief of section 269SS of the Act, as near/close relatives cannot be said...

Disallowance of assessee’s claim for depletion of closing stock - sales to related parties - there was no justifiable reason for the AO to reject the said evidence and...

Valuation of shares invoking Rule 11UA and resultant addition made u/sec. 56(2)(vii)(c)(ii) - difference in FMV of the shares and the consideration paid by the assessee...

Disallowance of capital loss – Genuineness of the transaction - Merely because the transaction is between the relatives, it, per se, cannot be said to be sham or bogus...

Disallowance of interest paid u/s 40A(2)(b) - excessive claim - borrowed funds from relatives invested in FDRs - merely variation in the rate of interest cannot be the...

Quick Updates: