Disallowance of finance charges payable - Interest is paid ...

Disallowance of Finance Charges: Interest Payments Denied Due to Lack of Borrowing or Debt Incurrence in Transactions.

February 4, 2015

Case Laws Income Tax AT

Disallowance of finance charges payable - Interest is paid whenever money is borrowed or some debt is incurred. Both elements are missing in these transactions. - AT

View Source

← Previous Next →

Disallowance of finance charges payable - Interest is paid ...

Disallowance of Finance Charges: Interest Payments Denied Due to Lack of Borrowing or Debt Incurrence in Transactions.

February 4, 2015

Case Laws Income Tax AT

You may also like:

Recovery of premium dues, interest, default interest, penal interest, interest overdue etc. - priority of charges - The tribunal analyzes the relevant clauses of the...

Disallowance of interest u/s. 36(1)(iii) - loan borrowed for the purpose of settling outgoing partners’ capital account - The settlement of capital account of outgoing...

Interest expenditure - Since the basic premise with the revenue for making disallowance in the present case U/s 36(1)(iii) was that the assessee had charged less...

The ITAT, an Appellate Tribunal, addressed the issue of TDS u/s 194A. The case involved delay interest charged by a broker, treated as finance cost, without TDS...

Section 14A disallowance restricted to 2% of exempt income due to inapplicability of Rule 8D for the relevant assessment year. TDS disallowance u/s 40(a)(ia) upheld for...

The ITAT held that interest disallowance was not justified as borrowed funds were invested in equity shares, not loans. Disallowance of land acquisition cost was...

Disallowance of interest difference between the rate paid on borrowed capital and the rate advanced to a wholly owned subsidiary is not warranted. The Supreme Court in S....

Interest u/s 234B and 234C charged for default in payment of advance tax - assessee has submitted certificate from the Punjab National Bank that the cheques issued by...

Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

The appellants challenged the order of the Commissioner (Appeals) denying eligible interest on the refunded amount. The court held that interest accrued on the deposited...

Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the...

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...

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

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...

Quick Updates: