https://www.taxtmi.com/highlights?id=58251 Claim of Interest u/s.36(1)(iii) - security deposits paid to director’s wife for taking her bungalow on lease - The said property had been taken on lease by the assessee for housing its staff and business guests who visit Lonavala and which inturn had increased the morale of the employees and assessee was benefitted with good business relations with the customers of the assessee company. Hence, the business nexus of taking that property on lease and using it for the purpose of utilisation by its staff and customers of the assessee had been proved and hence cannot be held to be for non-business purposes. - AT en-us Fri, 04 Jun 2021 16:57:41 +0530 Fri, 04 Jun 2021 16:57:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=58251 Claim of Interest u/s.36(1)(iii) - security deposits paid to director’s wife for taking her bungalow on lease - The said property had been taken on lease by the assessee for housing its staff and business guests who visit Lonavala and which inturn had increased the morale of the employees and assessee was benefitted with good business relations with the customers of the assessee company. Hence, the business nexus of taking that property on lease and using it for the purpose of utilisation by its staff and customers of the assessee had been proved and hence cannot be held to be for non-business purposes. - AT Highlights Income Tax Fri, 04 Jun 2021 16:57:41 +0530 https://www.taxtmi.com/highlights?id=58251