The assessee was a practising chartered accountant who had borrowed the money from his firm for the purposes of his profession at a higher rate of interest and lent it at a lower rate of interest. Tribunal held that borrowing money at a higher rate of interest from a related party and lending it at lower rate of interest to an unrelated party defied all commercial prudence expected from a chartered accountant. The Assessing Officer should have disallowed the entire interest claimed by the assessee. The findings of the Commissioner (Appeals) did not call for interference. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 57 : Income from other sources-Deductions-Interest-Chartered Accountant-Borrowing sum from firm in which he was partner paying interest and advancing sum to unrelated party at lower interest-Assessing Officer disallowing difference between interest earned and interest paid-Order is affirmed. [S. 56, 57(iii)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27588","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7aY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27588"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27588\/revisions"}],"predecessor-version":[{"id":27589,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27588\/revisions\/27589"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=27588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=27588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}