Finance Costs Disallowed: No Business Activity by Assessee in JV, Section 36(1)(iii) Deduction Not Applicable.

Finance Costs Disallowed: No Business Activity by Assessee in JV, Section 36(1)(iii) Deduction Not Applicable. https://www.taxtmi.com/highlights?id=40379 Disallowance of finance costs - proof of business expenses - Share in Joint Venture (JV) - Since assessee is not carrying on any business activity on its own, the question of allowing the deduction u/s. 36(1)(iii) of the Act does not arise as there is no business activity and the investment itself cannot be considered as ‘for the purpose of business’ as there is no business activity at all. en-us Mon, 16 Jul 2018 13:02:47 +0530 Mon, 16 Jul 2018 13:02:47 +0530 TaxTMI RSS Generator Finance Costs Disallowed: No Business Activity by Assessee in JV, Section 36(1)(iii) Deduction Not Applicable. https://www.taxtmi.com/highlights?id=40379 Disallowance of finance costs - proof of business expenses - Share in Joint Venture (JV) - Since assessee is not carrying on any business activity on its own, the question of allowing the deduction u/s. 36(1)(iii) of the Act does not arise as there is no business activity and the investment itself cannot be considered as ‘for the purpose of business’ as there is no business activity at all. Highlights Income Tax Mon, 16 Jul 2018 13:02:47 +0530 https://www.taxtmi.com/highlights?id=40379