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Whether tax liability arise if fund transfer from business

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rohitjain (Querist)
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07 November 2011 whether tax liability arise if firstly money was borrowed from outsider for business purpose and than after mixed(owner fund as well as borrowers fund ) fund transfer to personal a/c.outsider charge interest on their outstanding balance but no interest charge on fund transfer to personal a/c.please give your answer with supporting case (in favour or agianst)

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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07 November 2011 INTT PAID TO OS WILL B DISALLOWED BECAUSE BORROWED FUNDS ARE NOT USED FOR BUSINESS PURPOSES

CA MANOJ GUPTA
JODHPUR
09828510543

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