Addition made on account of diversion of fund - disallowance of ...

Income Tax

August 25, 2021

Addition made on account of diversion of fund - disallowance of interest expenses - there cannot be any disallowance of interest expenses provided the own fund of the assessee exceeds the interest free advance. - AO directed to verify whether the own fund of the assessee exceeds the amount of interest free advances and adjudicate the issue afresh - AT

View Source

← Previous Next →

Addition made on account of diversion of fund - disallowance of ...

Income Tax

August 25, 2021

You may also like:

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

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...

Diversion by overriding title - maintaining an "infrastructure fund" to which a fixed portion of its receipts is credited and out of which infrastructure related...

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...

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

Adhoc disallowance made on account of expenses under the heard vehicle maintenance, interest on car loan, telephone expenses, travelling expenses and depreciation on car...

Addition of interest expenses claimed u/s 57 - All the details were before the CIT(Appeals) but instead of pin pointing any concrete diversion of interest bearing funds;...

Disallowance u/s 14A by invoking Rule-8D - disallowance cannot be made in case where the assessee is having sufficient interest free funds - AT

Disallowance of interest - diversion of funds for a non-business purpose - owned fund of the assessee as on 31st March 2013 and 31st March 2014 is more than the amount...

Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

Quick Updates: