Home Highlights May 2014 Year 2014 This

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1. 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...

2. Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

3. Disallowance of interest on unsecured loan taken which is 100% subsidiary of the assessee - addition on the ground as it is not incurred for the purpose of assessee’s...

4. 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...

5. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

6. Disallowance finance cost - borrowings through debentures issued - objection that quantum of borrowing made together with the period of borrowings such rates of interest...

7. 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...

8. SCOMET Export permission for ‘Stock & Sale' purposes and for export of spare parts - Public Notice

9. Key legal principles and decisions related to various disallowances and additions made by the Assessing Officer (AO) under different sections of the Income Tax Act. The...

10. Claim of Interest u/s.36(1)(iii) - security deposits paid to director’s wife for taking her bungalow on lease - The said property had been taken on lease by the assessee...

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

12. Disallowance of interest on advances to subsidiaries u/s.40A - AO was of the opinion that the assessee has diverted interest bearing funds to subsidiaries for...

13. 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...

14. 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...

15. Disallowance of interest u/s 40A(2)(b) - money was first diverted by the assessee from his business as a gift to the three persons and thereafter the same money was...