Home Highlights June 2013 Year 2013 This

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1. Disallowance of interest u/s. 36(1)(iii) - AO observed that, interest-bearing funds had been diverted/utilized by the assessee for making gifts to his nephews - it can...

2. Disallowance on account of non- utilisation of loan - @ 14% of loan amount - there is nothing on the record that the assessee has diverted interest bearing borrowed...

3. Disallowance of purchase made from sister concerns - Making disallowance of purchase just because they are from sister concerns/ related parties, Memorandum of...

4. Addition made towards disallowance of finance charges - As assessee has paid huge interest on borrowed funds. The assessee has not furnished satisfactory explanation for...

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

6. The amount of advance given to partners and sister concerns is debited to the capital account of the partners, still there is a credit balance in the partners capital...

7. Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

8. Disallowance of interest on borrowings - assessee has not been able to prove that there is commercial expediency in diverting interest free funds to the sisterconcerns...

9. Disallowance of interest on inter-corporate deposits - The observation of Ld. AO that there was increase in borrowed funds during AY 2003-04 has no relevance since the...

10. Interest attributed to the funds diverted to sister-concern - Since no fresh advances were given during the relevant assessment year to the sister concern and when no...

11. Interest on borrowed funds disallowance - interest free loan given to sister concerns - The sister concern getting into litigation or involving itself in a arbitration...

12. Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

13. Disallowance the interest paid at the rate of difference between two average rates (of borrowing funds and lending funds from and to sister concerns) - AO has not...

14. 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...

15. Interest expenses u/s 36(1)(iii) - Addition of interest component considering that there is no commercial expediency in lending to sister concerns - AR explained the...