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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Addition of interest on paid on loan - diversion of fund - if ...

Income Tax

August 26, 2019

Addition of interest on paid on loan - diversion of fund - if the business concern show profit at the end of the year, it is an added feature which proves that the transactions entered by the concern are for commercial expediency and in the regular course of business - no addition

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  1. 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...

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

  3. 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

  4. Addition u/s 36(1)(iii) - deduction towards interest paid on loans borrowed for business purposes - Merely for the reason that there is no rental payment for current...

  5. 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...

  6. Addition of interest attributable on the diversion of loan fund - Once own fund of the assessee exceeds the amount of interest free loans and advances, then a...

  7. Disallowance of interest relating to Capital Work in Progress (CWIP) - The Appellant has furnished the relevant working capital facility agreements and ledger account to...

  8. Assessee has deployed its owned funds for grant of interest free loans hence the additions with respect of interest as ‘income from other sources’ is ordered to be deleted - AT

  9. Interest u/s 36(1)(iii) - Loans borrowed for expansion of business - Net unit established - Interest paid on the loan will have to be treated as revenue in nature - HC

  10. Assessee has raised loans and paid interest and forwarded the same for non-business consideration therefore the interest from the said amount cannot be allowed as...

 

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