Tag: section 36(1)(iii)

Deduction of interest on borrowings invested in capital of firm allowed against interest on capital under the head profit and gains from business or professions. In a recent judgment, ITAT Mumbai has allowed deduction of interest on borrowings invested in capital of the firm from which the assessee …

Interest on loan for declaring dividend allowable deduction u/s 36(1)(iii) even in absence of profits/reserves and the treatment of such dividend as loans in the books of the company – High Court ABCAUS Case Law Citation: ABCAUS 1066 (2016) (11) HC Assessment Year: 2008-09 Date/Month of Judgment/Order: 07-11-2016 Important …

In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s 36(1)(iii) can only be determined by examining the accounts. Case Details: ITA No.66(Asr)/2016 Assessment year:2008-09   M/s. Sehdev Enterprises vs. Income Tax Officer Date of Order/Judgment: 21/04/2016 Brief Facts …