Accrual of liability - where claim of damages and interest ...

Case Laws Income Tax

October 22, 2015

Accrual of liability - where claim of damages and interest thereon is disputed by the assessee in the court of law, deduction can't be allowed for the interest claimed on such damages in the computation of business income. - AT

View Source

← Previous Next →

Accrual of liability - where claim of damages and interest ...

Case Laws Income Tax

October 22, 2015

You may also like:

Deduction of Interest liability - merely because assessee has disputed its liability it can can not be held as un-ascertained liability - interest liability of earlier...

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...

Refund - claim of interest - Period of limitation that applies to a claim for the principal amount should also apply to the claim for interest thereon - AT

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

The NCLAT, an Appellate Tribunal, addressed the issue of maintainability of a section 9 application due to non-fulfillment of the prescribed threshold of Rs.1 crore and...

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...

Demand of interest - the period of limitation that applies to a claim for the principal amount should also apply to the claim of interest thereon.

Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

Provision for liquidity damages disallowed - The liability crystallized with the occurrence of event of delay in the execution of contract - deduction of claim allowed...

Interest claimed on partners' capital contribution made to chit funds and interest claimed on payment to retired partners' outstanding balance - claim of deduction from...

Requirement of pre-deposit towards compliance with proviso to Section 43 (5) of RERA - liability of Appellant to pay interest is not in praesenti but in future -...

Claim of sales tax liability for earlier years - Accrual of liability - assessee had failed to justify how the amounts claimed were transferred to the recoverable...

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...

Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

Taxability of claim for damages - enhanced compensation - No amount has been received till date by the Assessee pertaining to the damages as claimed by the assessee -...

Quick Updates: