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Accepting Loans through Journal entries with reasonable cause will not attract Penalty u/s 271D: ITAT [Read Order]

Accepting Loans through Journal entries with reasonable cause will not attract Penalty u/s 271D:...

Taxscan Team
Provisions of ‘Deemed Dividend’ would not attract Loans and Advances out of Commercial Consideration and Business Expediency: ITAT [Read Order]

Provisions of ‘Deemed Dividend’ would not attract Loans and Advances out of Commercial Consideration...

Taxscan Team
Homebuyers cannot avail this Income Tax benefit from April 1st: Know the Details

Homebuyers cannot avail this Income Tax benefit from April 1st: Know the Details

Taxscan Team
RBI releases Regulatory Restrictions on Loans and Advances [Read Circular]

RBI releases Regulatory Restrictions on Loans and Advances [Read Circular]

Taxscan Team

No Addition can be made on account of Unsecured Loans if assessee proves Genuineness: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai Bench ruled that addition on account of unsecured loans can not be made if the assessee proves Genuineness of the transaction. The assessee...

No Addition can be made on account of Unsecured Loans if assessee proves Genuineness: ITAT [Read Order]
Taxscan Team

Budget 2020: Govt. proposes Additional Deduction up to Rs. 1.5 lakhs for Interest Paid on Loans

In a relief to middle-class people, the Union Finance Minister in Budget 2020 has proposed an additional deduction up to Rs. 1.5 lakhs for Interest paid on Loans taken for an affordable house extended...

Budget 2020: Govt. proposes Additional Deduction up to Rs. 1.5 lakhs for Interest Paid on Loans
Taxscan Team

Expenditure on Interest-bearing Loans acquired for making Investment in Agricultural Land not allowable as Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the deduction cannot be allowed in respect of interest-bearing funds utilized by the assessee-company for acquiring agricultural...

Expenditure on Interest-bearing Loans acquired for making Investment in Agricultural Land not allowable as Deduction: ITAT [Read Order]
Taxscan Team

Deemed Dividend Provisions not applicable to Current Account Transactions: ITAT [Read Order]

In Rajesh Pagaria vs. ITO., the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions of deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961 doesn’t apply...

Deemed Dividend Provisions not applicable to Current Account Transactions: ITAT [Read Order]
Taxscan Team

Notional Interest on Advances / Loans can’t be Charged on Accrual basis: ITAT [Read Order]

The Income Tax Appellate Tribunal in the case of DCIT vs Maruti Securities Limited wherein allowed the appeal of Revenue and held that notional interest on advances cannot be charged on the accrual...

Notional Interest on Advances / Loans can’t be Charged on Accrual basis: ITAT [Read Order]
Taxscan Team

SC confirms Income Tax Deduction of Interest on Loans taken for Setting up the Industry [Read Order]

In CIT v. Shri Multi Tech Ltd, the two-judge bench of the Supreme Court held that interest on loans taken for setting up the industry is allowable as expenditure under the Income Tax Act. The...

SC confirms Income Tax Deduction of Interest on Loans taken for Setting up the Industry [Read Order]
Taxscan Team

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