Disallowance of claim of interest expenses - The only ...

Income Tax

December 20, 2019

Disallowance of claim of interest expenses - The only requirement for allowing the deduction u/s 57(iii) is that the expenditure has been incurred wholly and exclusively for the purpose of earning the income. Thus the purpose of expenditure is relevant and not the end result of such expenditure laid out by the assessee.

View Source

← Previous Next →

Disallowance of claim of interest expenses - The only ...

Income Tax

December 20, 2019

You may also like:

Disallowance of interest expenses – partners are entitled to hold the properties belonging to the partnership firm in their individual name, provided it is explicitly...

Discontinued Business - Disallowance out of depreciation and disallowance out of travelling, repairs, insurance expenses – expenses incurred to protect the business...

Travel expenses claimed as a deduction from the technical know-how fees - claim prohibited by Section 115A(3) - specifically prohibited expenses cannot be allowed.

Allowability of deduction u/s 37(1) of the Act - Amount of service tax included with interest – expenses have direct nexus with the business operation - expense allowed - HC

Addition of interest expenses - assessee has made payment to partners as per the Partnership Deed and within the limit prescribed u/s 40(b) - claim of interest expense allowed - AT

Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...

Disallowance u/s 57(ii) - interest paid on overdrawn capital with partnership firm - deduction allowed from interest income - AT

Claim of deduction on business expenses incurred for earning remuneration from the firm - assessee a qualified Chartered Accountant was a partner in two firms -...

Claim of deduction against redemption fine paid to custom authorities - deduction of expenses u/s 37 allowed - HC

Addition of interest income - disallowance of interest income by not allowing proportional deduction of interest expenses - if it is presumed that the assessee did not...

Quick Updates: