Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2012 Year 2012 This

Deduction u/s 43B in respect of interest paid on additional ...


Tribunal denies Section 43B deduction for interest on additional sales tax, overlooks Himachal Pradesh Sales Tax Act provisions.

January 31, 2012

Case Laws     Income Tax     HC

Deduction u/s 43B in respect of interest paid on additional sales-tax - Tribunal rejected the claim on the ground that interest did not fall within the expression “any sum payable” used in Section 43B - Tribunal, not having considered the said provisions of Himachal Pradesh General Sales Tax Act has committed an error in law.... - HC

View Source

 


 

You may also like:

  1. Payment of Interest for Sales Tax Default - interest paid by the assessee to the sales tax department on arrears of sales tax/purchase tax was an admissible deduction - AT

  2. Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

  3. The ITAT held that where the assessee entered into a unilateral Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) and complied with its...

  4. 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 -...

  5. Interest liability - seeking waiver of interest since the payment of service tax was paid under the amnesty scheme - The tribunal observed that the appellant's payment...

  6. Valuation - Abatement of equalized/averaged sales tax - the deduction towards additional sales tax and octroi can be allowed on equalised basis - AT

  7. Deduction u/s 80P2(a)(i) - Interest on fixed deposits - The Appellate Tribunal noted that the deductions available under Section 80P(2)(a) are activity-based, and the...

  8. The assessee claimed additional interest u/s 244A(1A) for the delayed refund. The AO incorrectly adjusted the refund against the tax component instead of first adjusting...

  9. Interest Liability u/s 234B - settlement of case u/s 245D(4) - Levy of interest on tax on additional income offered without providing the set off of the prepaid taxes...

  10. Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

  11. 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...

  12. The appellant contested the service tax demand on trade discounts and incentives received from Tata Motors Limited for promoting or marketing vehicles. The Tribunal held...

  13. Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as...

  14. Excise duty & Sales Tax to be excluded from turnover for computing deduction u/s 80HHE - AT

  15. ST – repair & maintenance Service – sales tax / VAT paid on material – deduction allowed

 

Quick Updates:Latest Updates