Home Highlights November 2017 Year 2017 This

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1. Disallowance of interest expenditure - diversion of funds for non-business purpose - In order to examine the allowability of interest expenditure on funds borrowed, when...

2. 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...

3. Rental income - Deduction for interest on borrowed funds u/s 24(b) - the assessee may have purchased the property out of borrowed funds, but the onus is upon the...

4. Capital gain computation - real owner of asset - the land was purchased in the individual name of the assessee, and not as director of the company. Funds for the purpose...

5. Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during...

6. 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...

7. 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...

8. Deduction of interest paid for the borrowed amount used for business purpose - Loan taken from Bank given to Holding company as interest free Advance - Addition u/s...

9. 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...

10. Capital gain arising on transfer of land - STCG arising out of the transfer of non-agricultural land - real owner - The appellant asserts that the land was purchased on...

11. Allowability of interest relatable to the borrowed funds given by the company to its directors and its sister concerns for acquiring agricutural land - interest allowed - AT

12. Disallowance of interest - As rightly noted by Ld. CIT(A), it was not the case the case where the funds were borrowed for the purpose of business and the excess funds...

13. Interest earned from the unutilized capital subsidy and equity - Interest earned from the borrowed funds (short term temporary deposits) - interest from borrowed funds...

14. Disallowance of interest u/s 36(1)(iii) - advance to subsidiary companies - there is no finding by the AO that the subsidiary companies have not utilised the borrowed...

15. 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....