Disallowed of Interest on Capital borrowed for Business.

This query is : Resolved

DHARMENDAR KUMAR (Querist)
Follow

23 December 2019 MY CLIENT HAS EXPANDED HIS EXISTING BUSINESS DURING ASS. YEAR 2016-17 BY INSTALLING NEW PLANT AND MACHINERY FOR THE MANUFACTURE OF SAME EXISTING PRODUCTS AT THE SAME PREMISES BY AVAILING TERM LOAN FROM THE BANK AND THE PLANT AND MACHINERY WAS PUT TO USE DURING THE SAME ASS. YEAR. THE CASE OF MY CLIENT FOR ASS.YEAR 2017-18 WAS FINALIZED U/S 143(3) NOW THE INCOME TAX DEPARTMENT, ON THE BIAS OF AUDIT OBJECTION, WANTS TO DISALLOW THE INTEREST ON TERM LOAN FOR THE PERIOD 01/04/2016 to 31/03/2017, BUT THE SAID INTEREST WAS NOT
RELATED TO CONCERN ASS.YEAR(2017-18) IS SUCH INTEREST INADMISSIBLE U/s -37, PLEASE SHARE THE CASE SUMMARY .

Read more at: https://www.caclubindia.com/experts/interest-on-borrowed-capital-section-36-1-iii--646805.asp

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
Follow

29 May 2020 https://www.caclubindia.com/experts/interest-on-borrowed-capital-section-36-1-iii--646805.asp

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

GIRISH K SATTI

R M Shekhaliya

prasanth kona

Yandamuri yesu raju

efiletax

Subscribe Now

Disallowed of Interest on Capital borrowed for Business.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANCY

CA Final

GST CONSULTANT

Manager- Finance and Compliance

Accountant