Interest on FD made with the Bank on receipt of Compensation under Land Acquisition Act is Taxable Even If No Final Order is Delivered: Bombay HC
Recently, a division bench of the Bombay High Court ruled that the interest received on the fixed deposits made with the Bank on receipt of enhanced...
Interest cannot be levied for Late Payment of TDS due to System and Connectivity issues at the Bankers' End: ITAT Delhi
In ACIT v. M/s.Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee-in-Default for Late payment of TDS due to system and connectivity issues at the bankers'...
Flat Buyers refused to Pay Interest Charged for Late Payment of Amount: ITAT deletes Addition since Tax is not leviable on ‘Hypothetical Income’ [Read Order]
In DCIT v. M/s Ferrous Infrastructure Pvt. Ltd, the ITAT Delhi deleted addition in respect of interest income shown in the books of accounts by the assessee on ground that income tax cannot be levied...
![Flat Buyers refused to Pay Interest Charged for Late Payment of Amount: ITAT deletes Addition since Tax is not leviable on ‘Hypothetical Income’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Transfer-of-Possession-of-Flats-Taxscan.jpg "Flat Buyers refused to Pay Interest Charged for Late Payment of Amount: ITAT deletes Addition since Tax is not leviable on ‘Hypothetical Income’ [Read Order]")
Interest from Bank Deposits prior to the period of Commencement of Business is Capital Receipt: ITAT Chandigarh [Read Order]
In a recent ruling, the ITAT Chandigarh held that the interest from Bank deposits prior to the period of commencement of the business is Capital receipt. It further allowed the assesses’ claim to set...
Interest Paid to NBFCs are not subject to TDS If they have offered the Interest Income to Tax: ITAT Bangalore [Read Order]
In Azmath Ulla v. ACIT, the Bangalore ITAT held that the interest paid to Non-Banking financial institutions are not subject to deduction of tax at source if such interest amount was offered by such...
![Interest Paid to NBFCs are not subject to TDS If they have offered the Interest Income to Tax: ITAT Bangalore [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/Tax-dedution-at-source-TDS-Tax-Scan.jpg "Interest Paid to NBFCs are not subject to TDS If they have offered the Interest Income to Tax: ITAT Bangalore [Read Order]")
Interest Income on FDs used as Borrowing Margin Money for purpose of Setting Up the Industry is Taxable as ‘Other Income’: Rajasthan HC [Read Judgment]
In a recent ruling, the Rajasthan High Court held that the interest earned on Fixed Deposit receipts used by the assessee as borrowing margin money for funds for setting up the industry is revenue...
Interest Income from Bank FDs earned during Pre-Operative period is Taxable as ‘Income from Other Sources’: ITAT Hyderabad
The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) v. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income...
Delhi HC allows Interest on Refund of Interest waived by the Income Tax Dept u/s 220(2A) [Read Order]
In a recent ruling, the Delhi High Court held that interest can be allowed on Refund of interest Waived by the Department under section 220(2A) of the Income Tax Act. The bench was hearing a bunch of...
![Delhi HC allows Interest on Refund of Interest waived by the Income Tax Dept u/s 220(2A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Delhi-High-Court-Tax-Scan.jpg "Delhi HC allows Interest on Refund of Interest waived by the Income Tax Dept u/s 220(2A) [Read Order]")