{"id":34214,"date":"2023-04-22T22:25:30","date_gmt":"2023-04-22T16:55:30","guid":{"rendered":"https:\/\/itatonline.org\/digest\/kwality-zippers-p-ltd-v-dcit-2022-197-itd-762-luck-trib\/"},"modified":"2023-04-22T22:25:30","modified_gmt":"2023-04-22T16:55:30","slug":"kwality-zippers-p-ltd-v-dcit-2022-197-itd-762-luck-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/kwality-zippers-p-ltd-v-dcit-2022-197-itd-762-luck-trib\/","title":{"rendered":"Kwality Zippers (P.) Ltd. v. DCIT (2022) 197 ITD 762 (Luck.) (Trib.)"},"content":{"rendered":"<p>Assessee-company provided interest free advances amounting to\u00a0 its three directors.\u00a0 Assessing Officer made disallowance under section 36(1)(iii) of certain amount out of interest expenditure on premise that interest bearing funds had been utilized for interest free advances. Commissioner (Appeals) sustained disallowance. On appeal the Tribunal held that\u00a0 capital of assessee was more than Rs. 4.23 crores as on last day of accounting year and moreover profit was Rs. 41.70 lacs which was much more than amount of interest free advances amounting to Rs. 15 lacs. Disallowance was not in accordance with law.\u00a0 (AY. 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii) : Interest on borrowed capital-Interest free advances  directors-capital reserve  was more than the amount advanced  and profit-Disallowance is not justified. <\/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-34214","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8TQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34214","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=34214"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34214\/revisions"}],"predecessor-version":[{"id":34215,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34214\/revisions\/34215"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}