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...
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment of interest to partners by a partnership firm according to the partnership deed cannot be disallowed by invoking section 14A...
A two-judge bench of the Delhi High Court has held that deduction under section 57 of the Income Tax Act is allowable for payment of interest to earn interest. The respondent-assessee taken ICDs of Rs.55.30/-...
The Kerala High Court has observed that there is no provision in the Income Tax Act to mandate Interest on Interest with respect to the refund. The assessee-respondent in these cases is the State Bank...
The Jaipur bench of Income Tax Appellate Tribunal (ITAT) has held that the amount paid for the discharge of mortgage interest has to be considered as the cost of acquisition for the purpose of determining...
A two-judge bench of the Delhi High Court has held that the payment for encashment of bank guarantee and the interest paid on late payment are capital expenditure for the purpose of Income Tax Act....
The Cochin bench of Income Tax Appellate Tribunal (ITAT) restored the decision of CIT(A) and held that interest on delayed payment of VAT and TDS is compensatory in nature and also deleted the disallowance. The...
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that no income tax is payable on the amount received as enhanced compensation for the compulsory acquisition of the agricultural land under Land Acquisition Act....
The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the deduction cannot be allowed in respect of interest-bearing funds utilized by the assessee-company for acquiring agricultural land which has yielded agricultural income as...
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest under Section 201(1A) of the Income Tax Act is only compensatory in nature and the Government should be compensated for...
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