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Income Tax - Highlights / Catch Notes

Home Highlights January 2022 Year 2022 This

Disallowance of Interest on Borrowed Fund - Assessee company is ...

Income Tax

January 8, 2022

Disallowance of Interest on Borrowed Fund - Assessee company is one of the group companies of M/s SCSL and the assessee had advanced to the tune of ₹ 80.78 crores to M/s SCSL. We find that M/s SCSL was involved in a big financial scandal by way of inflating the figures in the balance sheet due to which M/s SCSL involved in various court cases, which are pending. - Genuineness of the amounts advanced to such group company by the assessee is doubtful. - Additions towards interest confirmed - AT

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