Compensation charges - revenue v/s capital - Payment of interest ...

Court Rules Interest on Refunded Plot Advances is Deductible as Revenue Expense for Tax Purposes.

June 28, 2013

Case Laws Income Tax AT

Compensation charges - revenue v/s capital - Payment of interest on advance received against the booking of plots while refunding the amount - deduction allowed. - AT

View Source

← Previous Next →

Compensation charges - revenue v/s capital - Payment of interest ...

Court Rules Interest on Refunded Plot Advances is Deductible as Revenue Expense for Tax Purposes.

June 28, 2013

Case Laws Income Tax AT

You may also like:

The appellants challenged the order of the Commissioner (Appeals) denying eligible interest on the refunded amount. The court held that interest accrued on the deposited...

Refund claim of service tax paid on cancelled transactions - Post GST era - Rejection of refund under Rule 6(3) of Service Tax Rules read with Sec 142(5) of CGST Act -...

Interest on Delayed Refund of Input Tax Credit - Proviso to Section 56 specified increased interest rates for refunds arising from orders of adjudicating or appellate...

ITAT upheld deletion of interest expense disallowance where assessee provided interest-free advances while having interest-bearing loans. The advances were given with...

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

The High Court held that u/s 54 of the Goods and Services Tax Act, 2017, when the input tax credit paid is higher than the output tax, the dealer is entitled to seek a...

The Kerala High Court disallowed interest expense claimed by the appellant u/s 36 of the Income Tax Act as it was incurred on a loan used to purchase agricultural land...

The High Court held that respondent No. 3 cannot avoid deciding the petitioners' application dated 20 December 2023 seeking an advance ruling on the taxability of sale...

Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

Supplementary refund of unutilized input tax credit pertaining to Compensatory Cess - Section 164 of the GST Act empowers the Government to frame rules. Refund of...

The High Court allowed the petition and quashed the impugned order rejecting the petitioner's refund application for unutilized input tax credit. The court held that the...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Disallowance of interest expenditure - Corresponding to interest on debit balance of partner - amounts withdrawn by the partner for the payment of income-tax from the...

Rejection of refund claim - refund claim application was not filed electronically - This Court rejected the similar stand taken by the learned counsel for Revenue and...

Quick Updates: