The ITAT ruled in favor of the assessee on multiple issues. ...

Interest on GST, Late Filing Fees Allowed as Deduction Under Section 37; Higher Depreciation Rates Upheld for Mining Vehicles

March 15, 2025

Case Laws Income Tax AT

The ITAT ruled in favor of the assessee on multiple issues. Interest on GST and late filing fees was held to be allowable as a deduction under section 37, following Supreme Court precedent in Mahalakshmi Sugar Mills that interest paid to government for delayed payments cannot be characterized as a penalty. The Tribunal upheld higher depreciation rates of 30% on dumpers and tippers used for transportation in mining operations, finding the assessee had fulfilled necessary conditions for the enhanced rate. Similarly, the ITAT confirmed the CIT(A)'s decision allowing 40% depreciation on certain motor vehicles used for hire. Finally, the Tribunal deleted an addition under section 69C for alleged unexplained expenditure, as it was based solely on an unsigned Excel sheet recovered from a third party without corroborative evidence.

View Source

← Previous Next →

The ITAT ruled in favor of the assessee on multiple issues. ...

Interest on GST, Late Filing Fees Allowed as Deduction Under Section 37; Higher Depreciation Rates Upheld for Mining Vehicles

March 15, 2025

Case Laws Income Tax AT

You may also like:

HC partially allowed the petition challenging GST late fee and penalty impositions. Court upheld late fee under Section 47(2) of GST Act for delayed annual return...

The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

The assessee failed to file the quarterly returns of TDS within the prescribed time for the period Q3 of FY 2012-2013. Consequently, the Deputy Director of Income Tax,...

Demand of late fee u/s 47(1) of the CGST / SGST Act - delay in filing of returns - Amnesty Scheme - GST portal does not support payment of late fee for late filing...

The Tribunal held that late filing fee u/s 234E was not leviable on the assessee. The assessee had filed the relevant return within the due date on 22.10.2021, which was...

Levy of late fee charges - provision for purging the Bill of Entry - In fact, the expression purging is neither found in the Act nor in the aforesaid Regulation....

Amnesty scheme - Failure to file annual returns from financial year 2018-2019 till 01.04.2023, but filed before 31.08.2023. Justification for continuing notices for...

Late fee under CGST Act section 47(2) applies for delayed filing of complete annual return comprising both GSTR-9 and GSTR-9C (where required). For taxpayers with...

Levy of late fee charges - delay in filing the bills of entry - under Notification No. 26/2017 itself, it is stated that such late fee can be waived if sufficient...

Levy of late fee u/s 234E for the delay in filing E-TDS return - the Appellate Tribunal referred to a judgment of the jurisdictional High Court which held that the levy...

Late fee levied u/s.234E - As far as other returns filed by the assessee for the FY 2013-14 relevant to the AY 2014- 15, all returns were filed and processed before...

Benefit of Reduction of late fee in case of delayed filing of FORM GSTR-5A withdrawn.

Levy of late filing fee u/s. 234E - Due to certain technical error committed (incorrect interchanging of PAN numbers of buyer and seller in online filing of Statement...

Late fee u/s 234E - Late filing of TDS return - the provision of Section 234E of the Act is charging provision i.e. substantive provision which could not be applied...

This circular clarifies the scope of regularization on an "as is" or "as is, where is" basis mentioned in previous GST circulars issued based on GST Council...

Quick Updates: