The Karnataka High Court while quashing the appeal of the revenue deleted interest accrued on non-performing assets from the computation of taxable income. The assessee, M/s. Davangere District Central Co-operative Bank Limited is a co-operative...
The Delhi Government has notified that the Interest to be paid on net GST with effect from September 1, 2020. “In exercise of the powers conferred by sub-section (ii) of section 1 of the Delhi...
The Government has introduced two new deductions namely deduction for interest on affordable housing loan and deduction for interest on electric vehicle loans for the taxpayers who earned the income during the financial year 2019-20....
The Karnataka High Court while dismissing the plea of the revenue held that the revenue is liable to pay interest on the amount of interest on refund. The assessee, Syndicate Bank is a Nationalized Commercial...
The Madras High Court held that the interest on bank deposits is also eligible to be included in profits of 100% Export Oriented Unit (EOU) for claiming deduction under Section 10A or 10B of the...
The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25′ August 2020 relating to interest on delayed payment of GST has been issued prospectively due to...
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held the Assessee, IBM India Pvt. Ltd. liable to pay interest for delay in filing ITR under Section 234B of the Income Tax Act, 1961 on incremental...
The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that 12% of GST is applicable on interest/penalty collected for the delay in payment of monthly subscription by the members of the chit fund company. The...
The Central Board of Direct Taxes (CBDT) on Monday, mandates providing certain information relating to cash withdrawals under section 194N in Form No. 26Q. The Board also mandates that details of interest liable to TDS...
The High Court of Madras, in a recent ruling, held that no levy of interest can be made under the provisions of Income Tax Act, 1961 against a wound-up company. The High Court, further observed...
The Income Tax Appellate Tribunal (ITAT) held that income from interest is chargeable to tax as ‘income from other sources’ under Section 56 of the Income Tax Act. The assessee made fixed deposits with various...
The National Company Law Appellate Tribunal (NCLAT) has directed the Unitech Limited to repay the amount to its deposit holders with the interest rates. Unitech Limited, which is one of India’s second-largest real estate investment...
The war has begun. The first missile was fired by the CBIC through the CBEC Members letter F.No. CBEC-20/16/07/2020 Dt. 10.02.2020, wherein it was exhorted that in case of delayed filing of return (GSTR-3B), interest...
The Central Board of Indirect Taxes ( CBIC ) has reiterated that, the interest on delayed GST payment will be calculated on Gross Tax liability. The CBIC said that, The GST laws, as of now,...
The National Company Law Appellate Tribunal (NCLAT), New Delhi has held that claim amount towards Interest on loan alone, cannot be termed as an ‘Operational Debt.’ The appeal came out from the order requested by...
The Income Tax Appellate Tribunal (ITAT) Bangalore held that no disallowance of interest expenses on account of non- deduction of TDS under section 36(1(vii) as well as u/s36(1)(viia) of the Income Tax Act, 1961. The...
The ITAT Mumbai held that interest received by the property developer, on temporary deposits of surplus money out of advances received by from intending purchases was business incomes and not income from other sources. The...
The Income Tax Appellate Tribunal (ITAT) Delhi Bench upheld the addition of disallowance on TDS stating that “the assessee was under statutory obligation to deduct the income tax at the time of credit or/and, payment...
The Chennai Bench of Authority of Advance Rulings ( AAR ) in an application filed by M/s Chennai port Trust held that interest, late fee and penalty due to delayed payment of consideration received after...
A two-judge bench of the Delhi High Court has quashed the default assessment orders issued by the VAT authorities which was found to be passed only to defeat the VAT refund claim. The bench also...
The Central GST Department has decided to take measures to recover interest amount from the defaulters under section 50 of the Central Goods and Services Tax Act, 2017 including recovery of properties etc. A standing...
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