Home Highlights May 2014 Year 2014 This

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1. Interest demand u/s 220(2A) - petitioner had delayed in paying the interest under Sections 234A, 234B and 234C - Earlier, the application for waiver of interest was...

2. Claim of interest on refund of "penalty amount and interest paid thereon" - Petitioner had paid interest on outstanding amount of penalty. On deletion of penalty,...

3. Interest on refund - Where it is found that no refund has been granted pursuant to intimation u/s 143(1), the assessee shall be granted relief from such levy of interest...

4. 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...

5. Levy of interest u/s 220(2) - Revenue demanded interest on the amount refunded to the Assessee - The demand for interest raised by the AO is contrary to the Circular...

6. Charging of interest u/s 220(2) - demand was raised first time - additions made in the rectification order passed u/s 154 - the rectification order itself cannot include...

7. Levy of interest u/s 220(2) - Once the Tribunal’s order is vacated and the original order is revived, the original demand that remained unpaid also gets revived. -...

8. Levy of interest invoking Section 220(2) - The appellants and the company are two separate and distinct assessees. Further, the amount was demanded based on search...

9. Grant of interest on refund of amount to the assessee u/s 244A - Interest u/s 220(2) - the finding recorded by the Commissioner as well as the Tribunal that the interest...

10. Maintainability of appeal before CIT(A) against Levy of interest u/s 220(2) - enhanced assessment - AO directed that interest u/s 220(2) chargeable on the amount...

11. Waiver of Interest levied u/s 220(2) - this is not a case where the assessee had established that payment of interest would cause genuine hardship to him - HC

12. Interest liability under 220 (2) - where demand notice is issued pursuant to fresh assessment order - interest liability arises when demand is not paid within 30 days...

13. Waiver of interest levied u/s 220(2) - Financial difficulty - it would be necessary for the 1st respondent to reconsider the matter regarding levy of interest under...

14. Waiver of interest u/s 220(2A) - Levy of interest is mandatory - Merely raising the dispute before any authority cannot be a ground not to levy the interest and/or...

15. Levy of interest u/s 220(2) - no complete setting aside of the Assessment Order - CBDT Circular No.334 dated 03/04/1982 - No fresh determination of the tax liability was...