Thursday, September 23, 2021

Interest exp. deductible if idle funds of borrowed capital was lent to third party at bank’s interest rate

INCOME TAX : Where assessee-company, engaged in business of real estate, borrowed capital for business purpose and lent idle funds to third-party at same rate of interest, interest expense incurred was to be allowed

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316158/interest-exp-deductible-if-idle-funds-of-borrowed-capital-was-lent-to-third-party-at-bank’s-interest-rate.aspx

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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...