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Income Tax - Highlights / Catch Notes

Home Highlights February 2013 Year 2013 This

Interest expenses - section 36(1)(iii) - It is immaterial ...

Income Tax

February 21, 2013

Interest expenses - section 36(1)(iii) - It is immaterial whether the assessee had utilized the money for capital or revenue purpose - HC

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  1. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

  2. Disallowance towards interest expenses incurred on term loans - The loan having been utilized for acquisition of capital asset in the earlier years is thus not an...

  3. Interest free advances and loans given to directors & sister concerns for non business purposes - Assessee had interest free funds of its own basis which addition u/s...

  4. Interest expense u/s 36(1)(iii) - investment in the holding company - The investment of the borrowed funds by the assessee in MHICL is for business purpose, as such, the...

  5. The interest on funds borrowed to purchase land which is part of inventory of the assessee company is an allowable deduction u/s 36(1)(iii) - HC

  6. Allowability of deduction u/s 36 (1) (iii) - Interest liability on loans received from the State Government - assessee is maintaining the books of accounts on...

  7. Disallowance u/s 36(1)(iii) on account of interest expense on borrowings - it was neither prudent for the assessee to divert any part of borrowed funds for nonbusiness...

  8. Disallowance of interest expenditure u/s 36 - interest expenditure incurred on the borrowed fund utilised for making the payment of share application money is deductible...

  9. Interest u/s 36(1)(iii) - Loans borrowed for expansion of business - Net unit established - Interest paid on the loan will have to be treated as revenue in nature - HC

  10. Interest on borrowing to shareholders are deductible expenditure u/s 36(1)(iii) as interest on borrowed capital.... - AT

 

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