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Allow interest u/s 57

This query is : Resolved 
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04 March 2015 DIRECTOR OF A LTD CO. HAS TAKEN LOAN FROM PVT FINANCIAL CO. AND GIVEN LOAN TO A LTD. MY QUESTION IS THAT INTEREST GIVEN TO FINANCIAL CO.BY DIRECTOR CAN TAKE SUCH INTEREST U/S 57 AGAINST INTEREST RECEIVE FROM A LTD.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
04 March 2015 no , it will not be allowed u/s 57
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Trupal Pandya

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Trupal Pandya (Querist)
04 March 2015 UNDER WHICH SECTION INTEREST PAID ALLOWED? OR WHERE HE CAN SHOW IT IN RETURN?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
04 March 2015 int paid is not allowed as that is not business of giving and taking loans.
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