Tag Archives: Section 36(1)(iii)

Upfront payment of interest allowable in the year of payment , No Spreading required over the years : SC

By | July 6, 2016

[2015] 372 ITR 605 (SC) SUPREME COURT OF INDIA Taparia Tools Ltd. v. Joint Commissioner of Income-tax, Nasik A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 6366 – 6368 OF 2003 AND 6946 – 6948 OF 2004 MARCH  23, 2015 K. Radhakrishnan, Sr. Adv., Sanjay M. Shah, Rustom B. Hathikhanawala, Ms. Niranjana Singh,… Read More »

Interest free advance to Son,Interest Disallowed by ITAT

By | October 7, 2015

Section 36(1)(iii) of the Income-tax Act, 1961 Where assessee having taken loan from bank, gave interest free advance to his son which was not utilised for assessee’s business purpose, Assessing Officer was justified in disallowing interest parallel to bank interest rate on said interest free advance IN THE ITAT CHANDIGARH BENCH ‘SMC’ Jagat Singh v.… Read More »