Home Highlights December 2014 Year 2014 This

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1. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

2. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

3. TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

4. TDS - the payment paid by the assessee to scheduled banks for opening letters of credit was in the nature of interest u/s 2(28A) - but since the amount had been paid to...

5. The co-operative banks under the State legislation and multi-State co-operative banks are ‘banks’ under section 2(1)(c) of Securitisation and Reconstruction of Financial...

6. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

7. Non-Banking Financial Company (NBFC) categorization - Amendment made in sec 43B and 43D to substitute the words, “a deposit taking non-banking financial company or...

8. Court set aside auction sale on equitable grounds as entire amount due was deposited by respondents. Appellant deprived of using Rs.81,20,000 from 21.07.2019 till...

9. Disallowance on account of interest on the capital account - The withdrawals made by the assessee from the other partnership firms on which interest was paid by him,...

10. Income Tax: Clause 15 proposes to remove references to National Housing Bank from Section 43D of the Act and its Explanation, pertaining to income of public financial...

11. Disallowance of interest payment - Excessive interest or not - If the companies are paying the same rate of interest as the bank are paying then the public would not see...

12. Rectification of mistake - Deduction u/s. 57(iii) - set off of interest paid with interest income - The funds which ought to have been used for investment in CGDA Scheme...

13. Section 43B of the Income Tax Act disallows certain deductions for unpaid statutory dues like interest, tax, duty, etc. The key points are: Unpaid interest on loans from...

14. Interest on account of investment in shares disallowed - set off of interest received with interest paid - Order of the tribunal deleting the addition cannot be sustained - HC

15. Payment of interest to a cooperative bank which is not a scheduled bank - provisions of section 43B are not applicable - HC