Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Page of 4814
Press 'Enter' after typing page number.
621 to 640 of 96262 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Section 36(1)(iii) allows deduction of interest where the borrowing, the interest payment and use of capital for business are established, and the statutory phrase "for the purposes of business" is of wide import. The Court applied the test of commercial expediency, holding that interest need not be disallowed merely because borrowed funds were routed through a subsidiary or group concern, and it was not necessary that the advance should directly earn profits for the assessee. Accepting the Tribunal's view on the composite nature of the business and the business purpose of the borrowing, the Court held the interest on the bank loan to be allowable and set aside the High Court's contrary decision.
Section 36(1)(iii) allows deduction of interest where the borrowing, the interest payment and use of capital for business are established, and the statutory phrase "for the purposes of business" is of wide import. The Court applied the test of commercial expediency, holding that interest need not be disallowed merely because borrowed funds were routed through a subsidiary or group concern, and it was not necessary that the advance should directly earn profits for the assessee. Accepting the Tribunal's view on the composite nature of the business and the business purpose of the borrowing, the Court held the interest on the bank loan to be allowable and set aside the High Court's contrary decision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
