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Income Tax - Highlights / Catch Notes

Home Highlights September 2017 Year 2017 This

Disallowance u/s 40A(2) - taking loans from sister concerns on ...

Income Tax

September 5, 2017

Disallowance u/s 40A(2) - taking loans from sister concerns on interest @6% to 7% and giving loans on interest further @4% - ITAT rightly directed the AO disallow differential amount - Claim of revenue to disallow entire interest amount cannot be accepted - HC

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  1. 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...

  2. Loan taken at higher interest rate than bank rate - The payment of interest to the family members and sister concern at 24% was diversion of profits - HC

  3. Disallowance of interest expense - loan and advances to sister concerns – Held that:- Rate of interest for advancing the loan to the sister concern was 6% and borrowing...

  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. Disallowance of Payments made in Cash u/s 40A(3) - there is no exemption if payment made to sister concerns - AT

  6. Disallowance u/s.40A(2)(b) - excess benefit, beyond reasonableness, to the member having substantial interest - provisions of section 40(A)2(b) are not applicable to...

  7. Inter-corporate deposit is not in the nature of loan or advance within the meaning of section 2(7) and therefore, not chargeable to the interest-tax under section 5 - HC

  8. Disallowance of interest expenditure - The interest income earned by the assessee is from loans and advances given to sister concern which is shown by the assessee to...

  9. A sum which has already been disallowed u/s 40A(7) and as such any further disallowance u/s 43B is absolutely unjustified and untenable - AT

  10. Service Tax return in Form ST-3 shall be submitted by 25-10-2012 for the period 1-4-2012 to 30-6-2012 only - rule 7(2) amended - Notification

 

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