Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2020 Year 2020 This

Disallowance of interest - loan was used for the purpose of ...

Income Tax

August 29, 2020

Disallowance of interest - loan was used for the purpose of horse-trading and horse racing business - the finding of the CIT(A) rejecting the claim of the assessee on the basis of non-receipt of profit is not liable to be sustainable - claim of deduction allowed - AT

View Source

 


 

You may also like:

  1. Levy of GST - Supply or not - receipt of prize money from horse race conducting entities - The applicant never passes the ownership of horses to the race organizer....

  2. Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services...

  3. Imposition of tax on horseracing / betting - still governed by the Hyderabad Horse Racing and Betting Tax Regulation of 1358 Fasli - High Court worried

  4. Disallowance of interest - fund used for its business purposes or Investments - When interest free funds were sufficient to meet the Investments , no disallowance is called for

  5. Disallowance of losses from activity of horse breeding and owning and maintaining race horses - The activity of breeding of horses is similar to that of poultry or...

  6. Revision u/s 263 - assessee had utilized the unsecured loans for non business purpose and interest paid on the same has been claimed as business expenses - matter...

  7. Levy of GST - carrying on the business of a race club, which includes lay-out and preparing any land for running of horse races, steeplechases of races of any other kind...

  8. Disallowance of interest on car loan - used for business/profession - merely because the assessee placed his own funds and also the interest free loans for some other...

  9. Assessment of notional interest on loans - loan has been granted by the assessee to its sister concern - As per the provisions of Sec. 36(1)(iii) AO could have...

  10. Levy of GST - prize money received from the horse racing clubs for winning the horse race competition - Taxable supply or not - The prize money/ stakes will not be...

 

Quick Updates:Latest Updates