[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 »
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 »
Q : When will Interest on loan from Debtor disallowed? Where assessee-company received loan of certain sum from its holding company, ‘F’ and claimed interest on said loan, since ‘F’ was a debtor of assessee-company of more than double amount of loan, allowance of deduction was amount to diversion of income of assessee-company; interest paid… Read More »