Tag Archives: Section 36(1)(iii)

Upfront payment of interest allowable in the year of payment , No Spreading required over the years : SC

[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 »

Interest on loan from Debtor disallowed

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 »