Home Highlights June 2014 Year 2014 This

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1. Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search....

2. 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...

3. 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...

4. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

5. The Income Tax Settlement Commission passed an order charging interest u/ss 234A, 234B, and 234C of the Income Tax Act. The petitioners challenged the order's...

6. Interest u/s 234B and 234C charged for default in payment of advance tax - assessee has submitted certificate from the Punjab National Bank that the cheques issued by...

7. Interest under Section 234A, 234B & 234C - the interest for default in payment of tax / advance tax for the reason that assessee had already made a request for...

8. The assessee failed to demonstrate that the financial assistance availed on interest was utilized for business purposes without diversion. Where an assessee has...

9. Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

10. TP adjustment of interest - CIT(A) confirmed upward adjustment towards interest by adopting rupee loan rate instead of LIBOR linked rate in respect of foreign currency...

11. 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...

12. Computation of interest u/s 234A - if the assessee deposits the taxes at a date at which the interest liability u/s 234A, does not exceed Rs. 1 lakh, such an assessee is...

13. Levy of service tax - negative debtors - advance payment received from their clients (and accounted under the head ‘debtors’ indicating negative) - The tribunal held...

14. Payment of interest u/s 244A to the deductor on the refund of tax made u/s 240 - Since we have awarded simple interest at 6%, we are not granting any cost in this case....

15. Payment of interest u/s 244A on the amount of refund payable to the assessee - CIT(A) concluded that the claim of ‘interest’ by the respondent for the refund amounts to...