Home Highlights February 2017 Year 2017 This

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1. 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...

2. 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...

3. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

4. Registration u/s 12AA - fulfillment of condition u/s 13(1)(b) - benefit of any particular reli­gious community or caste - not eligible for registration u/s 12AA -...

5. TP Adjustment - Notional interest - interest-free advances extended by the assessee to its AE - In an uncontrolled condition and between persons other than associated...

6. 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...

7. Entitlement for Registration under Section 12AA - Since the object of the assessee society is only to benefit a particular community, primarily, Telugu Beri Vysia...

8. Exemption u/s 11 - Registration u/s 12AA denied - manipulative treatment of funds - at the stage of registration, the CIT exemption cannot deny the registration merely...

9. Disallowance of Interest Expenses related to Interest free Advance/loan given to its subsidiary company - The loan advanced to subsidiary company is financed from...

10. Interest free advances and loans given to directors & sister concerns for non business purposes - Assessee had interest free funds of its own basis which addition u/s...

11. TP Adjustment - Interest on interest outstanding/interest receivable - The interest on a loan is a compensation received towards the utilisation of funds given by the...

12. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

13. TP Adjustment - Addition considering the interest free loan and advances to its Associated Enterprises - As assessee got such huge business from its associated...

14. Seeking registration u/s 12AA - proof of charitable activities - Gujarati community does not specify any specific caste or religion or sect i.e. all the communities,...

15. Benefit u/s 11 an 12 - Loan given to society not registered u/s 12AA - Where both the societies have similar objects and are registered under Section 12AA and have...