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Income Tax - Highlights / Catch Notes

Home Highlights September 2022 Year 2022 This

Disallowance of interest expenditure - diversion of funds for ...

Income Tax

September 26, 2022

Disallowance of interest expenditure - diversion of funds for non-business purpose - In order to examine the allowability of interest expenditure on funds borrowed, when the part of such borrowed funds utilized for purchasing of shares in ONP, the interest paid by the assessee on the amount borrowed for purchasing of such shares of its managed company, in our opinion, is allowable deduction. - AT

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