Disallowance of interest payment converted into FITL (Funded ...

Interest Payments as FITL Not 'Actual Payment' u/s 43B; No Additions to Taxable Income.

June 11, 2021

Case Laws Income Tax AT

Disallowance of interest payment converted into FITL (Funded Interest Term Loans) - the impugned ‘funded interest term loan’ is not a loan transaction but assessee’s contract agreement with the creditor party and therefore, the CIT(A) has held that the same is not exigible to ‘actual payment’ contemplated u/s.43B of the Act. - No additions - AT

View Source

← Previous Next →

Disallowance of interest payment converted into FITL (Funded ...

Interest Payments as FITL Not 'Actual Payment' u/s 43B; No Additions to Taxable Income.

June 11, 2021

Case Laws Income Tax AT

You may also like:

Scope of Explanation C of Section 43B - Actual payment of interest or not - Issuance of debenture in lieu of Interest - since Explanation 3C was added in 2006 with the...

Addition u/s 43B - “actual payment” means “actual payment” and not actual receipt and delivery of the currency by the two parties transacting when they are creditor and...

Allowance of expenses on actual payment – provisions of section 43B are applicable on non-payment of interest on the delayed payment of due service tax - AT

Disallowance of payment u/s 43B - Explanation 3C only prohibits an assessee for recognizing the actual payment of interest by converting its interest into loan or...

Deduction u/s 43B - payment of bonus - u/s 43B only actual payment and not any notional or deemed payment that would be relevant for considering the deduction - HC

Disallowance of interest on customs duty - As customs duty is allowable only on payment basis under section 43B, interest levied on arrears or late payment of customs...

Interest liability - seeking waiver of interest since the payment of service tax was paid under the amnesty scheme - The tribunal observed that the appellant's payment...

Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

Belated payment of GST after due date of filing return u/s 139(1) - disallowance u/s 43B - assessee's failure to discharge statutory dues by actual payment within due...

TDS disallowance u/s 40(a)(i) for non-deduction on overseas payments towards patent fees, reimbursement of official fees and professional fees, treating such payments as...

The ITAT held that deduction of interest u/s 57 against interest income must be substantiated by the assessee. Interest expenditure must be incurred for earning interest...

Disallowance made u/s 43B regarding expenses claimed by the assessee. There was confusion about which limb penalty is to be levied. The disallowance confirmed by the...

Disallowance of prior period expenses - Addition towards ESI payment - provisions of Section 43B of the Act which provides that certain expenditure / payments which are...

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...

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

Quick Updates: