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Issue ID : 3501
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investments

Date 17 Oct 2011
Replies2 Answers
Views 968 Views
Asked By

i am doctor and i am running my nursing home at haryana. i have done few investment out of my income and from loans taken in residential and commercial property. there is no direct nexus between the loan raised and investment done but the ao has added all in my income in scrutiny quoting some abhishek industry order.what do do?

Income Tax
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Replied on Oct 19, 2011
1.

If the interest expense is not connected with your business income, it would not be allowed. But a more detailed case study is required based on facts so better you consult your CA in this regard. There are several favourable and unfavourable precedences in this regard.
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Replied on Oct 19, 2011
2.

i am doctor and tax audit is done for last 12 years and return is always submitted by CA, i am not sure why this issue is raised in my scrutny. 

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