Income Tax Return filing Due Date is Nearby: Know the Penalty / Interest Consequences of Missing the Deadline
Income tax return filing is the talk of the town nowadays as the last date for filing the return is on 31st July 2022. According to Section 139 of...
![CESTAT allows 12% Interest on Delay in processing Refund of Pre-Deposit [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/CESTAT-Interest-Refund-Pre-Deposit-taxscan.jpeg "CESTAT allows 12% Interest on Delay in processing Refund of Pre-Deposit [Read Order]")
![Interest from Fixed Deposit is an Unearned Passive Income derived out of Non-Manufacturing Activity and not Eligible for Deduction U/S 80IC: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Interest-Fixed-Deposit-Passive-Income-Non-Manufacturing-Activity-Deduction-ITAT-taxscan.jpg "Interest from Fixed Deposit is an Unearned Passive Income derived out of Non-Manufacturing Activity and not Eligible for Deduction U/S 80IC: ITAT [Read Order]")
![GST: CBIC notifies Levy on Interest on Undue/Excess Claim of ITC with Retrospective Effect [Read Notification]](https://www.taxscan.in/wp-content/uploads/2022/07/GST-CBIC-Interest-ITC-Retrospective-Effect-Taxscan.jpeg "GST: CBIC notifies Levy on Interest on Undue/Excess Claim of ITC with Retrospective Effect [Read Notification]")
![Interest on Enhanced Compensation for Land Acquisition: No Addition Even If TDS was Deducted, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Interest-Compensation-Land-Acquisition-TDS-ITAT-taxscan.jpg "Interest on Enhanced Compensation for Land Acquisition: No Addition Even If TDS was Deducted, rules ITAT [Read Order]")
No Recovery of Central Excise Duty, Interest, and Penalty without service of Adjudication Order: Calcutta HC [Read Order]
The Single Bench of Calcutta High Court has held that no recovery of central excise duty, interest, and penalty without service of adjudication order. The petitioner, Haldia Petrochemicals Limited...
![No Recovery of Central Excise Duty, Interest, and Penalty without service of Adjudication Order: Calcutta HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Central-Excise-Duty-Interest-Penalty-Adjudication-Order-Calcutta-HC-Taxscan.jpeg "No Recovery of Central Excise Duty, Interest, and Penalty without service of Adjudication Order: Calcutta HC [Read Order]")
Demand of Tax, Interest, and Penalty in Form DRC-01A without issue of Notice u/s 74(1) TNGST Act: Madras HC sets aside Assessment Order [Read Order]
The Madurai Bench of Madras High Court presided by Mr. Justice M. Nirmal Kumar has held that demand of tax, interest, and penalty in Form DRC-01A without the issue of notice u/s 74(1) Tamil Nadu...
![Demand of Tax, Interest, and Penalty in Form DRC-01A without issue of Notice u/s 74(1) TNGST Act: Madras HC sets aside Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Demand-of-Tax-Interest-Penalty-DRC-01A-Notice-TNGST-Act-Madras-Assessment-Order-Taxscan-.jpeg "Demand of Tax, Interest, and Penalty in Form DRC-01A without issue of Notice u/s 74(1) TNGST Act: Madras HC sets aside Assessment Order [Read Order]")
![IGST on Ocean Freight: Gujarat HC orders Refund along with Interest [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/IGST-Ocean-Freight-Gujarat-HC-Refund-Interest-Taxscan.jpeg "IGST on Ocean Freight: Gujarat HC orders Refund along with Interest [Read Order]")
Refund claim filed after the expiry of 3 months allowed along with Interest u/s 11BB: CESTAT [Read Order]
The Ahmedabad bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) allowed the refund claim filed after the expiry of 3 months along with interest u/s 11BB of Central Excise...
![Refund claim filed after the expiry of 3 months allowed along with Interest u/s 11BB: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Refund-claim-interest-CESTAT-taxscan.jpeg "Refund claim filed after the expiry of 3 months allowed along with Interest u/s 11BB: CESTAT [Read Order]")
GST QRMP Scheme: Govt asks Taxpayers to Pay Tax before 25th June, Late Payment to Attract Interest
In a recent advisory, the Goods and Services Tax (GST) department has issued an advisory asking the taxpayers opted for Quarterly Returns Monthly Payment (QRMP) scheme to pay their taxes on or before...
No Penalty u/s 271 AAA(1) if Assessee offered Undisclosed Income in Statement Recorded u/s 132(4) and Ready to Pay Tax with Interest: ITAT [Read Order]
The Income Tax Appellate Tribunal, Delhi Bench has held that no penalty u/s 271 AAA(1) if assessee offered undisclosed income in statement recorded u/s 132(4) and ready to pay tax with...
![No Penalty u/s 271 AAA(1) if Assessee offered Undisclosed Income in Statement Recorded u/s 132(4) and Ready to Pay Tax with Interest: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Penalty-Assessee-Undisclosed-Income-Ready-to-Pay-Tax-Interest-ITAT-Taxscan.jpeg "No Penalty u/s 271 AAA(1) if Assessee offered Undisclosed Income in Statement Recorded u/s 132(4) and Ready to Pay Tax with Interest: ITAT [Read Order]")
Grant of Interest under Arbitral Award for Delayed Payment of Consideration: Bombay HC holds Recipient of Service situated in Taxable Territory bear Liability of GST [Read Order]
The single bench of Bombay High Court presided by Mr. Justice B. P. Colabawalla in the issue ofgrant of interest under Arbitral Award for delayed payment of consideration has held that recipient of...
![Grant of Interest under Arbitral Award for Delayed Payment of Consideration: Bombay HC holds Recipient of Service situated in Taxable Territory bear Liability of GST [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Interest-Payment-Bombay-HC-Service-Taxable-GST-taxscan.jpeg "Grant of Interest under Arbitral Award for Delayed Payment of Consideration: Bombay HC holds Recipient of Service situated in Taxable Territory bear Liability of GST [Read Order]")