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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Interest income - it is strange to believe that any non-related ...

Income Tax

January 11, 2017

Interest income - it is strange to believe that any non-related party will given loan of ₹ 50 lakh without taking any interest from the appellant company - Hence CIT(A) rightly estimated interest @1% per month (i.e. 12% per year simple interest rate) - AT

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  1. Valuation - related party transaction - The transaction of ₹ 5 lakhs as loan on payment of interest cannot be the reason for holding partnership and private...

  2. 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...

  3. 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...

  4. Valuation (Central Excise) - Sale to related parties - the price to the related person cannot be called a non-commercial price since the same was higher than the price...

  5. Valuation of goods - related person - mutuality of interest - No doubt, the two buyers had given ₹ 85.66 crores interest free loan to the assessee. However, that...

  6. Transfer pricing adjustment - the addition of ₹ 15.18 lac on account of interest on the deemed loan due to under-receipt of share premium cannot be sustained - AT

  7. 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...

  8. Genuineness of loan - Once the statement has been given by the party then merely because they have not given any confirmation letter, additions cannot be made - HC

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

  10. Interest earned on loans given to employees will be taxed under the head “business income” - AT

 

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