20 December 2008
Interest charged on unsecured loan is lower than banking rate. is there any implication or section applicability from the view point of lender regarding lower receipt of income & from the view point of borrower lower payment of interest.The relationship between payor and payee is group concern
28 December 2008
if lender company has borrowed from bank/fin.inst. & paying interest than the income tax officer shall have the discretion to add the diff of interest in the lender co. borrowing (-) lending rate & diff will be considered as notional income. & his stand & judgement will stand valid even in appeal you will not gain any benifit. there are orders to this effect
CAclubindia
