[aaykarbhavan] Sum advanced to subsidiary out of borrowed sums due to commercial expediency won't attract disallowance

Sum advanced to subsidiary out of borrowed sums due to commercial expediency won't attract disallowance

March 13, 2015[2015] 55 taxmann.com 82 (Indore - Trib.)

IT : Disallowance should not be made under section 36(1)(iii), if loans had been advanced by assessee due to commercial expediency to sister concerns

IT : In view of Explanation 2(b) to section 147 Assessing Officer can take action under section 147 in a case where return has been processed under section 143(1) on basis of material which is available in return or along with return with Assessing Officer

 

Regards

Prarthana Jalan

__._,_.___

---

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

---

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Visit Your Group

• New Members 1

• Privacy • Unsubscribe • Terms of Use