Penalty u/s 271(1)(c) - If income-tax itself is not a ...

Income Tax Act Section 271(1)(c) Penalty Confirmed: Tax and Related Interest Not Deductible u/s 37.

June 7, 2014

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - If income-tax itself is not a permissible deduction u/s 37, any interest payable for default committed by the assessee in discharging his statutory obligation under the Act, which is calculated with reference to the tax on income cannot be allowed as a deduction - penalty confirmed - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - If income-tax itself is not a ...

Income Tax Act Section 271(1)(c) Penalty Confirmed: Tax and Related Interest Not Deductible u/s 37.

June 7, 2014

Case Laws Income Tax AT

You may also like:

The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

ITAT upheld the PCIT's revision under section 263, confirming that interest received on enhanced compensation under section 28 of the Land Acquisition Act is taxable...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Nature of expenses - Allowable expenses u/s 37(1) - Interest and late fee on TDS, Late payment & penalty charges, Interest on margin trading facility - There was no...

Disallowance u/s 37(1) - penalty amount - Merely because the assessee categorised the claim under “penalty levied on the assessee company for not complying to the terms...

Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

The summary focuses on various issues related to the taxation of banks, covering disallowances u/s 14A, interest deductibility on IPDI bonds, taxation of bad debt...

The ITAT held that where the assessee entered into a unilateral Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) and complied with its...

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Quick Updates: