Daily digest for Gupta Chandan & Associates, on May 26, 2022

posted: "INCOME TAX : Where assessee in respect of a sum of Rs. 41 lacs deposited in his bank account explained that said sum had been received from his married daughter residing in USA for purchase of a house on behalf of daughter and Assessing Officer not being " Gupta Chandan & Associates Credit found in bank a/c belongs to assessee if it was used by him for his investment; HC justified sec. 68 additions May 26 INCOME TAX : Where assessee in respect of a sum of Rs. 41 lacs deposited in his bank account explained that said sum had been received from his married daughter residing in USA for purchase of a house on behalf of daughter and Assessing Officer not being satisfied with explanation added said sum to income […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/credit-found-in-bank-a-c-belongs-to-assessee-if-it-was-used-by-him-for-his-investment-hc-justified-sec-68-additions/ Powered by Jetpack

posted: "INCOME TAX : Where assessee-NBFC, engaged in lending business, made certain borrowings for purpose of its own business of lending and utilized them for advancing funds to various parties, interest paid on such borrowings was to be allowed as deduction und" Gupta Chandan & Associates Interest paid by NBFC on borrowings made for purpose of its own business of lending is allowable as deduction: HC May 26 INCOME TAX : Where assessee-NBFC, engaged in lending business, made certain borrowings for purpose of its own business of lending and utilized them for advancing funds to various parties, interest paid on such borrowings was to be allowed as deduction under section 36(1)(iii)INCOME TAX : Where assessee-NBFC, engaged in lending business, made certain borrowings for […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/interest-paid-by-nbfc-on-borrowings-made-for-purpose-of-its-own-business-of-lending-is-allowable-as-deduction-hc/ Powered by Jetpack