Interest bearing loan taken from debtor resulted in diversion of income; ITAT disallows interest
IT: Where assessee-company received loan of certain sum from its holding company, 'F' and claimed interest on said loan, since 'F' was a debtor of assessee-company of more than double amount of loan, allowance of deduction was amount to diversion of income of assessee-company; interest paid was to be disallowed
IT : Where assessee hired a premises from its group company on rent and claimed deduction, since documents submitted by assessee required proper examination, matter was to be readjudicated
IT : Where assessee incurred expenditure on professional services and services were availed for smooth running of business, as expenditure was wholly and exclusively for business purposes same would be allowed under section 37(1)
Regards
Prarthana Jalan
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