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1. 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...

2. Charging interest u/s. 234B(3) / (4) - The section 234B(4) states that if there is any increase or decrease in the income, correspondingly interest shall be increased or...

3. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

4. The appeal was made regarding the incorrect charge of interest u/s 234B of the Act in an order passed u/ss 254, 143(3), and 153A. The issue was whether the assessee...

5. 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...

6. Charging interest u/s 234B - MAT credit - Here it is a clear-cut case of computational error. Anybody, either the AO or the assessee, would have computed the tax...

7. This case revolves around the addition of cash deposits u/s 68 of the Income Tax Act, where the assessees failed to provide credible explanations regarding the source....

8. Interest payable u/s 234B for the purpose of adjustment against the tax paid u/s 140A has to be computed with respect to assessed tax determined on the basis of total...

9. The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

10. The Appellate Tribunal addressed the issue of levying interest u/s 234B in proceedings u/s 147/148. The AO had enhanced the interest from the date of the original...

11. Income from the nature of interest received by the assessee in DRDO/ISRO accounts (for short ‘FD A/cs’) - the assessee, DRDO/ISRO are either Government Departments or...

12. Levy of interest under section 234C - Nil return or assessed tax - it is pertinent to note that section 234C refers to the term ‘returned income’ in comparison to...

13. The assessee borrowed loans from financial institutions at an interest rate of 12.75% and advanced loans to group companies or relatives at 12% interest rate. The...

14. Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

15. The case involves the computation of interest under section 234B for defaults in payment of advance tax. The Appellate Tribunal held that interest was correctly charged...