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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Interest free advances - Disallowance of part interest paid on ...

Income Tax

October 9, 2018

Interest free advances - Disallowance of part interest paid on unsecured loans - Merely because non-interest-bearing advances were given to third parties, would not justify a finding that the test of “commercial expediency” was not satisfied.

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  1. Disallowance qua interest free advances - CIT(A) deleted the part addition - CIT(A) has accepted assessee's oral submissions which are not based on any material on...

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

  3. Disallowance of interest - assessee has given interest free advances to two family members with whom the assessee did not have any business connection - Additions confirmed - AT

  4. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  5. 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...

  6. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

  7. 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...

  8. Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

  9. Valuation - interest free security deposit - the amounts cannot be included in the consideration as long as the same remains interest free advance to be returned to...

  10. 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...

 

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