Interest charged lower than banking rate
This query is : Resolved
20 December 2008
Interest charged on unsecured loan is lower than banking rate. is there any implication or section applicability from the view point of lender regarding lower receipt of income & from the view point of borrower lower payment of interest.The relationship between payor and payee is group concern
27 December 2008
There is no implication on lower interest charged by payor.
28 December 2008
if lender company has borrowed from bank/fin.inst. & paying interest than the income tax officer shall have the discretion to add the diff of interest in the lender co. borrowing (-) lending rate & diff will be considered as notional income. & his stand & judgement will stand valid even in appeal you will not gain any benifit. there are orders to this effect
Chandrakant Ambani
Bombay
9819408963
9821240674
Chandrakant Ambani
Bombay
9819408963
9821240674
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