Accrued interest on the loan raised for the company against F.D. ...

Loan Interest Linked to Director's Fixed Deposit Is Company's Liability, Not a Personal Deduction for Appellant.

February 10, 2020

Case Laws Income Tax AT

Accrued interest on the loan raised for the company against F.D. Booked by the Director - this interest is actually the liability of the company and there is no basis for claiming this expenditure, in the hands of the appellant. Therefore there is no basis for setting off of this liability of company against interest earned by assessee on funds belonging to him deposited in the bank.

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Accrued interest on the loan raised for the company against F.D. ...

Loan Interest Linked to Director's Fixed Deposit Is Company's Liability, Not a Personal Deduction for Appellant.

February 10, 2020

Case Laws Income Tax AT

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