Disallowance of interest u/s. 36(1)(iii) - AO observed that, ...

Interest Disallowance u/s 36(1)(iii) Not Applicable as Gifts Made from Own Funds, Not Interest-Bearing Funds.

October 23, 2023

Case Laws Income Tax AT

Disallowance of interest u/s. 36(1)(iii) - AO observed that, interest-bearing funds had been diverted/utilized by the assessee for making gifts to his nephews - it can safely be presumed that the said self-owned funds/ profit generated during the year by the assessee was utilized for making gifts under consideration and no part of the interest-bearing funds were diverted for the said purpose. - AT

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Disallowance of interest u/s. 36(1)(iii) - AO observed that, ...

Interest Disallowance u/s 36(1)(iii) Not Applicable as Gifts Made from Own Funds, Not Interest-Bearing Funds.

October 23, 2023

Case Laws Income Tax AT

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