Accrual of income - Merely because there was a penal clause for ...

Penal Clause for Interest on Delays Doesn't Automatically Allow Assessee to Charge Interest Without Approvals.

June 24, 2014

Case Laws Income Tax AT

Accrual of income - Merely because there was a penal clause for charging of interest on account of delay in getting the requisite approval and clearance, it does not ipso facto confers right upon the assessee to charge interest - AT

View Source

← Previous Next →

Accrual of income - Merely because there was a penal clause for ...

Penal Clause for Interest on Delays Doesn't Automatically Allow Assessee to Charge Interest Without Approvals.

June 24, 2014

Case Laws Income Tax AT

You may also like:

Levy of GST - Penal Interest for delayed payment of EMI - The penalty recovered by the appellant does not get covered by the term ‘penal interest’ as used by the...

HC declined to address allocation of undisclosed Shilpgram Scheme income between parties as factual matter, upholding Tribunal's 70-30 split. On interest charges under s....

Deduction u/s 80IA was allowed despite delay in filing Form 10CCB due to technical glitches on the Income Tax portal. The form was filed 1 hour 22 minutes after the due...

The Appellate Tribunal held that liquidated damages/penal interest charged at 2% by the appellant cannot be construed as additional consideration but is a penal interest...

Nature of expenses - Allowability of Penal Interest paid to NOIDA - CIT(A) correctly allowed the assessee to capitalize the interest paid by the assessee to Noida...

Entitled to registration u/s 12AA and approval under Section 80G - Allegation of charging higher rate of interest from the self help groups in the name of charitable...

Revenue expenditure - interest expenses towards delayed payment of EDC external Development Charges to HUDA - - Not to be held as penal in nature u/s 37(1) - the...

Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

TP Adjustment - notional interest on outstanding receivables due from Associated Enterprises (AES) - assessee not charging any interest from its AEs - Treatment of...

The ITAT, an Appellate Tribunal, addressed the issue of TDS u/s 194A. The case involved delay interest charged by a broker, treated as finance cost, without TDS...

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

Disallowance u/s 37 of interest paid on delayed payment of additional Customs Duty was challenged, contending that it was not penal in nature but compensation for delay...

Deduction u/s 37(1) - Whether, payment of interest on delayed payment of instalments is penal in nature - Held No - It was simplicitor liability of interest on delayed...

TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

Transfer pricing adjustment made because of interest charged on delayed receivables - As before the TPO the assessee had furnished certain evidences including the bank...

Quick Updates: