No Documentary Evidence Showing Verification of Records by Auditor: ICAI Reprimands CA along With Fine for Professional Misconduct [Read Notification]
The Institute of Chartered Accountants of India (ICAI) reprimanded the Chartered Accountant (CA) along with a fine as he was found to be guilty of...
![Demand of Interest and Penalty Provisions under Central Excise Rules: Madras HC directs Department to consider Representation by Steel Manufacturing Unit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Demand-Interest-Penalty-Provisions-Central-Excise-Madras-HC-Department-Representation-Steel-Manufacturing-Unit-TAXSCAN.jpg "Demand of Interest and Penalty Provisions under Central Excise Rules: Madras HC directs Department to consider Representation by Steel Manufacturing Unit [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]](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]")
Interest u/s 24(b) of Income Tax Act allowable when Charging for Income Receivable and Income is Approved: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the interest under Section 24(b) of the Income Tax Act 1961 which allows deduction of interest on home loan from the taxable...
![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]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case back to the Assessing Officer (AO) to decide whether interest paid on a loan taken for repayment of an earlier loan...
![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]
The Central Board of Indirect Taxes (CBIC) vide notification 38/2023 issued on 4th August has amended the Central Goods and Services Tax (CGST) Rules, 2017. The same amended the Rule 89 of the CGST...
![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]
The Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) bench delivered different opinions regarding the issue of car buyers with inflated insurance expenses to enrich...
![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]")