Home Highlights July 2013 Year 2013 This

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1. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

2. The assessee failed to demonstrate that the financial assistance availed on interest was utilized for business purposes without diversion. Where an assessee has...

3. 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...

4. Disallowing interest expenditure claimed u/s 36(1)(iii) when the assessee firm has interest-free funds and the amount overdrawn by partners. The Tribunal held that since...

5. 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...

6. 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...

7. Disallowance of expenditure u/s 14A read with rule 8D - proportionate disallowance of interest - common pool of funds - if we apply the ratio laid down in the various...

8. Disallowance of interest u/s. 36(1)(iii) - Advance given by the assessee to Group Company - As the advance given by the assessee to SIL which was for business purpose...

9. Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

10. 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...

11. Disallowance of interest made or borrowed funds - Even before us also, general submissions have been made that the amounts have been utilized for commercial expediency...

12. Disallowance of interest paid to banks & others - When interest free funds and interest bearing funds are mixed together, they loose their respective identity and hence...

13. Disallowance of interest on the advance - Simply because the assessee has secured loan from Standard Chartered Bank that does not mean that same interest bearing fund...

14. Addition of interest on interest free loans advanced by assessee Company to sister concerns/related parties disallowed. Onus on assessee to prove commercial expediency...

15. Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...