![Used Digital Multifunction Machine can be Released on Payment of Redemption Fine of 10% and Penalty of 5% of Enhanced Value of Imported goods in Absence of Market Value: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Used-Digital-Machine-Released-Payment-Redemption-Penalty-Value-Imported-goods-CESTAT-TAXSCAN.jpg "Used Digital Multifunction Machine can be Released on Payment of Redemption Fine of 10% and Penalty of 5% of Enhanced Value of Imported goods in Absence of Market Value: CESTAT [Read Order]")
Used Digital Multifunction Machine can be Released on Payment of Redemption Fine of 10% and Penalty of 5% of Enhanced Value of Imported goods in Absence of Market Value: CESTAT [Read Order]
The Bangalore bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that used Digital Multifunction Printing and Copying...
![Interest u/s 24(b) of Income Tax Act allowable when Charging for Income Receivable and Income is Approved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Interest-Income-Tax-Act-Charging-Income-Receivable-Income-Approved-ITAT-TAXSCAN.jpg "Interest u/s 24(b) of Income Tax Act allowable when Charging for Income Receivable and Income is Approved: ITAT [Read Order]")
![Interest paid on Loan for Repayment of earlier loan for Construction of property may be Deductible from House Property Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Interest-paid-Loan-Repayment-loan-Construction-property-Deductible-House-Income-ITAT-TAXSCAN.jpeg "Interest paid on Loan for Repayment of earlier loan for Construction of property may be Deductible from House Property Income: ITAT [Read Order]")
![Refund Application shall accompany with Statement Details of Interest, if any, or any other amount paid: CBIC amends GST Rules [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/08/Refund-Application-accompany-Statement-Details-Interest-amount-paid-CBIC-GST-TAXSCAN.jpg "Refund Application shall accompany with Statement Details of Interest, if any, or any other amount paid: CBIC amends GST Rules [Read Notification]")
![Hoodwinking Car Buyers with Inflated Insurance Expenses to Enriches Dealers and Agents by Bogus Claims to Defruad Exchequer : CESTAT Bench Delivers Different Opinions [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Hoodwinking-Car-Buyers-Insurance-Expenses-Enriches-Dealers-Agents-Bogus-Defruad-Exchequer-CESTAT-TAXSCAN.jpg "Hoodwinking Car Buyers with Inflated Insurance Expenses to Enriches Dealers and Agents by Bogus Claims to Defruad Exchequer : CESTAT Bench Delivers Different Opinions [Read Order]")
Interest on Compulsorily Convertible Debentures Allowable as Revenue Deduction u/s 36(1)(iii) of the Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Compulsorily Convertible Debentures (CCDs) are in the nature of borrowed fund and continue to be in debt till conversion thereof...
![Interest on Compulsorily Convertible Debentures Allowable as Revenue Deduction u/s 36(1)(iii) of the Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Interest-Earned-Surplus-Grants-Should-Not-Be-Taxed-as-Income-ITAT-Interest-Surplus-taxscan.jpg "Interest on Compulsorily Convertible Debentures Allowable as Revenue Deduction u/s 36(1)(iii) of the Income Tax Act: ITAT [Read Order]")
![Interest Earned on Surplus Grants should not be Taxed as Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Interest-Earned-Surplus-Grants-Should-Not-Be-Taxed-as-Income-ITAT-Interest-Surplus-taxscan.jpg "Interest Earned on Surplus Grants should not be Taxed as Income: ITAT [Read Order]")
No addition can be made on basis of Notional Interest due to failure to Receive Interest for loan Advances by assessee Finance Company: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Kolkata Bench held that no addition could be made on basis of notional interest due to failure to receive Interest for the loan advanced by the...
![No addition can be made on basis of Notional Interest due to failure to Receive Interest for loan Advances by assessee Finance Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Notional-Interest-failure-to-receive-Interest-for-loan-failure-to-receive-Interest-Interest-for-loan-loan-Interest-Finance-Company-ITAT-Taxscan.jpg "No addition can be made on basis of Notional Interest due to failure to Receive Interest for loan Advances by assessee Finance Company: ITAT [Read Order]")
![Investment made from Interest Free Own Funds: ITAT deletes Disallowance of Interest [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Investment-Interest-Free-Funds-ITAT-Disallowance-Interest-taxscan.jpg "Investment made from Interest Free Own Funds: ITAT deletes Disallowance of Interest [Read Order]")
Delay in Refund of CENVAT Credit of Customs Duty: CESTAT Orders Refund Along with 12% Interest from date of deposit till Realization [Read Order]
The New Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) allowed the refund claim along with the interest for delay in refund with 12% interest from the date of deposit...
![Delay in Refund of CENVAT Credit of Customs Duty: CESTAT Orders Refund Along with 12% Interest from date of deposit till Realization [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Delay-in-Refund-of-CENVAT-Credit-of-Customs-Duty-Delay-in-Refund-of-CENVAT-Credit-Delay-in-Refund-Refund-CENVAT-Credit-Customs-Duty-Interest-from-date-of-deposit-taxscan.jpg "Delay in Refund of CENVAT Credit of Customs Duty: CESTAT Orders Refund Along with 12% Interest from date of deposit till Realization [Read Order]")
No Interest on Wrongly availed IGST time period starting from availment and up to its Reversal CBIC : clarifies [Read Circular]
With respect to the recommendations of the 50th Goods and Services Tax (GST) Council issued circular No. 192/04/2023-GST on 17th July 2023, the Central Board of Indirect taxes and Customs (CBIC)...
50th GST Council Proposes to Insert FORM GST DRC-01D to Provide for Manner of Recovery of Tax and Interest
The Union Finance Minister Nirmala Sitaraman chaired the 50th meeting of the GST Council on 11th July 2023 at Vigyan Bhawan in New Delhi including Revenue Secretary, Sanjay Malhotra, CBIC chairman,...
