Home Highlights December 2013 Year 2013 This

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1. Addition relating to alleged commission / interest - even if the loan provided by the family members of the assessee to Bajaj Group is not actual loan and is only...

2. Disallowance of interest - assessee had taken unsecured loans from the family members of the partners in the earlier years and paying interest @ 15% on the same - Fresh...

3. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

4. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

5. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

6. TP Adjustment - Interest on loans and advances given to the AEs - Interest rates vary and are thus dependent on the foreign currency in which the repayment is to be made...

7. TP adjustment of interest - CIT(A) confirmed upward adjustment towards interest by adopting rupee loan rate instead of LIBOR linked rate in respect of foreign currency...

8. Disallowance of interest paid on loans taken from family members u/s.40A(2) - Interest paid at the rate of 18% per annum on unsecured loans during the relevant period...

9. This circular clarifies the scope of regularization on an "as is" or "as is, where is" basis mentioned in previous GST circulars issued based on GST Council...

10. Unexplained cash credit - In fact, the loans are taken from close family members and friends. It is not a case of the AO that the assessee had taken loans from certain...

11. Nature of payment (expenses) made to bank for converting rupee loan into foreign currency loan - The assessee was benefited as the interest rate was reduced - held as...

12. From the plain reading of section 167B, the taxability of an AOP is based on whether the members' shares are determinate or indeterminate. When indeterminate, tax is...

13. Interest on delayed refund at notified rate of interest (6%) to the appellant - enhanced rate of interest - The Commissioner (Appeals) has relied on the decision of...

14. Co-operative bank registered under state Act, main objective providing credit facility to members who are employees, funds contributed by members given as loans on...

15. TP Adjustment - Benchmarking of interest receivable on loan - when the assessee has charged higher interest on loan to subsidiary compared to the prevailing interest...