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Delhi HC allows interest on Delayed Tax Refund [Read Order]

Yogitha S. Yogesh

In a significant case, the Delhi High Court allowed the interest on delayed tax refunds since the authority failed to pay the granted refund. Alex...

‘’Notional Interest cannot be taxed as Income’’, ITAT deletes Addition of Undisclosed Income [Read...

Failure of AO to Examine Purchase of Land by Assessee as per Section 56(2)(vii)(b) is Prejudicial to...

Interest on Delayed Refund must be Payable from Date of Deposit till Date of Payment: CESTAT allows...

Mere Waiver of Interest on Loan b/w Parties will not Vitiate Genuineness of Loan Transaction Until...

Interest u/s 234A of Income Tax Act Not Leviable When Return was filed u/s 148: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the interest under section 234A of the Income Tax Act, 1961 is not leviable when the assessee has filed return under section...

Liability to interest arises only on actual utilisation of ITC: Madras HC [Read Order]

In a recent decision the Madras High Court observed that the liability to interest will arise only in a situation where there has been actual utilisation of the Input Tax Credit (ITC) by the...

Liability - to - interest - arises - actual - utilisation - of - ITC - Madras - HC - TAXSCAN

Diversion of Borrowed Fund for non-business purposes: ITAT upholds Disallowance of Excess Interest

In a recent judgement, the Pune bench of the Income Tax Appellate Tribunal (ITAT)upheld the disallowance of excess interest on borrowed funds since the assessee diverted the fund for non-business...

No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that no TDS default can me imposed on interest payments, if Income Tax Form 15G/ 15H is...

Absence of GSTAT: Orissa HC stays Penalty and Interest Demand by GST Authorities [Read Order]

In the absence of the Goods and Services Tax Appellate Tribunal (GSTAT), the Orissa High Court bench of Justice Dr. B.R. Sarangi and Justice M S Raman ruled to stay the amount of penalty and interest...

Co-Operative Bank Eligible for 80P Deduction in respect of Income from Interest on Staff Welfare Fund and Staff Loans: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that a co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 interest from staff...

Order Passed by AO does not Satisfy Twin Conditions of "Erroneous and Prejudicial to the Interest of the Revenue”: ITAT sets aside Pr. CIT's Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, on finding that the order passed by the A.O. did not satisfy the twin conditions of "erroneous and...

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