[aaykarbhavan] Interest paid on borrowings used for investment in foreign co. disallowed as this wasn’t assessee’s business

 

Interest paid on borrowings used for investment in foreign co. disallowed as this wasn't assessee's business

September 26, 2014[2014] 49 taxmann.com 128 (Bombay)

IT : Where interest paid on borrowals utilized for investments in a foreign company was not in course of assessee's business, its claim for deduction under section 36(1)(iii) was to be rejected

IT : Where assessee failed to prove that entire foreign travel expenses of directors and auditors were incurred for its business affairs, Tribunal was justified in disallowing a part of said expenses

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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