{"id":7186,"date":"2019-09-12T14:07:57","date_gmt":"2019-09-12T14:07:57","guid":{"rendered":"http:\/\/itatonline.org\/digest\/acit-v-ab-capital201973-itr-23kol-trib\/"},"modified":"2019-09-12T14:07:57","modified_gmt":"2019-09-12T14:07:57","slug":"acit-v-ab-capital201973-itr-23kol-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-ab-capital201973-itr-23kol-trib\/","title":{"rendered":"ACIT  v. AB Capital(2019)73 ITR 23(Kol.)(Trib.)"},"content":{"rendered":"<p>The AO \u00a0had disallowed certain portion of interest in the assessment order originally completed. In the reassessment proceedings, the AO increased the aforesaid disallowance as the assessee had advanced interest free loans to sister concerns. The CIT (A) deleted the addition.<\/p>\n<p>The Tribunal noted that in the case of interest free loans given for non-business purpose, majority of the loans were provided to the partners and pertained to amounts withdrawn by the partner at the fag end of the year and to that extent interest was disallowed in the assessment originally completed by the AO. Thus, the Tribunal dismissed the appeal of the Department in respect of reassessment proceedings. (AY. 2012-13 to\u00a0 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii) : Interest on borrowed capital \u2013  Deletion of interest disallowed in reassessment where disallowance under assessment was made and the majority of the interest free advances were given at the end of the year. [ S.147, 148 ]<\/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":[1],"tags":[],"class_list":["post-7186","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1RU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7186","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=7186"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7186\/revisions"}],"predecessor-version":[{"id":7187,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7186\/revisions\/7187"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}