https://www.taxtmi.com/caselaws?id=335799 A share allotment through application and allotment is distinguished from a normal purchase for the Explanation to Section 73(1), so the resulting loss is treated as business loss rather than a loss caught by that provision. Section 14A read with Rule 8D(2)(ii) is not attracted where no exempt income is earned in the year. Interest on borrowed funds is not disallowable under Section 36(1)(iii) when advances are made for commercial expediency and sufficient interest-free funds exist. Consultancy and joint-venture related payments are allowable as revenue expenditure where they are linked to business needs and do not create a capital asset. Deemed dividend under Section 2(22)(e) requires shareholder status in the lending company. en-us Thu, 03 Nov 2016 00:00:00 +0530 Thu, 08 Dec 2016 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335799 A share allotment through application and allotment is distinguished from a normal purchase for the Explanation to Section 73(1), so the resulting loss is treated as business loss rather than a loss caught by that provision. Section 14A read with Rule 8D(2)(ii) is not attracted where no exempt income is earned in the year. Interest on borrowed funds is not disallowable under Section 36(1)(iii) when advances are made for commercial expediency and sufficient interest-free funds exist. Consultancy and joint-venture related payments are allowable as revenue expenditure where they are linked to business needs and do not create a capital asset. Deemed dividend under Section 2(22)(e) requires shareholder status in the lending company. Case-Laws Income Tax Thu, 03 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335799