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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Disallowance of interest paid to banks & others - When interest ...

Income Tax

January 23, 2017

Disallowance of interest paid to banks & others - When interest free funds and interest bearing funds are mixed together, they loose their respective identity and hence the presumption should be that the assessee has used interest free funds to give interest free advances to persons covered by sec. 40A(2)(b) - AT

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  1. 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...

  2. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

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  6. 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...

  7. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

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

  9. Disallowance u/s 14A - since the shareholders funds are far in excess of the investments, it can be presumed that investments are out of interest free shareholders funds...

  10. Disallowance u/s 14A by invoking Rule-8D - disallowance cannot be made in case where the assessee is having sufficient interest free funds - AT

 

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