Monday, July 13, 2020

Interest on loan couldn’t be disallowed if interest free advances were made out of interest free funds

INCOME TAX: Where both interest-free and interest bearing funds were available with assessee, it is to be presumed that investments were made out of interest-free fund

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194285/interest-on-loan-couldn’t-be-disallowed-if-interest-free-advances-were-made-out-of-interest-free-funds.aspx

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...