Disallowance of interest - assessee had taken unsecured loans ...

Court Examines Interest Disallowance on Loans from Family Members vs. HDFC Bank in Related Party Transaction Case.

February 8, 2020

Case Laws Income Tax AT

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 borrowing during the year from HDFC bank has been utilized for advancing to the partners and the family members and there is thus a direct nexus - it would have been appropriate to compare the related party transaction with an independent third party transaction carrying the same qualitative unsecured loan parameters.

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Disallowance of interest - assessee had taken unsecured loans ...

Court Examines Interest Disallowance on Loans from Family Members vs. HDFC Bank in Related Party Transaction Case.

February 8, 2020

Case Laws Income Tax AT

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