Loans Violating RBI Rules Lead to Non-Deductible Expenses u/s 37 of Income Tax Act.

Loans Violating RBI Rules Lead to Non-Deductible Expenses u/s 37 of Income Tax Act. https://www.taxtmi.com/highlights?id=60244 Disallowance of expenditure in terms of section 37 of the Act on proportionate basis for diversion of the fund - When the loans have been disbursed in violation of the rules of RBI to give benefit to a few, than expenses corresponding to such loans are not wholly and exclusively for the purpose of the business of the assessee and therefore also such expenses are not allowable as deduction - AT en-us Mon, 25 Oct 2021 18:46:42 +0530 Mon, 25 Oct 2021 18:46:42 +0530 TaxTMI RSS Generator Loans Violating RBI Rules Lead to Non-Deductible Expenses u/s 37 of Income Tax Act. https://www.taxtmi.com/highlights?id=60244 Disallowance of expenditure in terms of section 37 of the Act on proportionate basis for diversion of the fund - When the loans have been disbursed in violation of the rules of RBI to give benefit to a few, than expenses corresponding to such loans are not wholly and exclusively for the purpose of the business of the assessee and therefore also such expenses are not allowable as deduction - AT Highlights Income Tax Mon, 25 Oct 2021 18:46:42 +0530 https://www.taxtmi.com/highlights?id=60244