"November, 2012" Archive - Page 36

CWA President Communique – November 2012

I am glad to inform the members that on incessant representations of the Institute, Ministry of Commerce and Industry, Department of Commerce vide its Public Notice No. 22 (RE-2012)/2009-14 dated 11th October, 2012 has authorized Cost Accountants for certification of various documents under Handbook of Procedure Vol. I and Appendices unde...

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Posted Under: CA, CS, CMA |

If assessee advanced to sister concerns or others without interest for no business purpose, interest to that extent to be disallowed

Sree Rayalaseema Green Energy Vs Deputy Commissioner of Income-tax (ITAT Hyderabad)

Once it is borne out from the record that the assessee had borrowed certain funds on which liability to pay tax is being incurred and on the other hand, certain amounts had been advanced to sister concerns or others without carrying any interest and without any business purpose, the interest to the extent the advance had been made without...

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