Home Highlights June 2014 Year 2014 This

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1. Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search....

2. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

3. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

4. Interest u/s 234B and 234C charged for default in payment of advance tax - assessee has submitted certificate from the Punjab National Bank that the cheques issued by...

5. Interest under Section 234A, 234B & 234C - the interest for default in payment of tax / advance tax for the reason that assessee had already made a request for...

6. Disallowance of interest as per provisions of Section 36(1)(iii) pertaining to interest free advances made treating the same to be not for the purpose of business of the...

7. Computation of interest u/s 234A - if the assessee deposits the taxes at a date at which the interest liability u/s 234A, does not exceed Rs. 1 lakh, such an assessee is...

8. Levy of service tax - negative debtors - advance payment received from their clients (and accounted under the head ‘debtors’ indicating negative) - The tribunal held...

9. Payment of interest u/s 244A to the deductor on the refund of tax made u/s 240 - Since we have awarded simple interest at 6%, we are not granting any cost in this case....

10. Payment of interest u/s 244A on the amount of refund payable to the assessee - CIT(A) concluded that the claim of ‘interest’ by the respondent for the refund amounts to...

11. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

12. Interest charged u/s 234B - Deposit of amount pursuant to search and seizure proceedings - Provisions of section 132B of the Act governs the manner of utilisation of...

13. Unexplained investment u/s 69 - Amount advanced by M/s. KSR Constructions to the assessee has to be construed as the amount given by M/s. KSR Constructions on behalf of...

14. Waiver of interest - interest liability should be computed from the last date for payment of tax in the relevant assessment year up to the date of payment at the same...

15. Advance Tax - Interest - the assessee is entitled to adjustment of seized amount towards advance tax liability from the date of making the application in that regard -...