Home Highlights July 2014 Year 2014 This

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1. Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of the...

2. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

3. 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...

4. Amendment of section 234C - levy of interest - It is proposed to make consequential amendments in sub-section (1) of section 234C, in view of the amendments made in...

5. 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...

6. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

7. Additions as interest income - compensation received by the assessee - As the business of assessee was set up and had started and there was huge investment made by...

8. Nature of expenses - Allowability of Penal Interest paid to NOIDA - CIT(A) correctly allowed the assessee to capitalize the interest paid by the assessee to Noida...

9. Disallowance of proportionate interest expenditure - capital attributable to project ‘B’ i.e. unfinished project - This interest expenditure disallowed was not related...

10. Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

11. Unexplained money u/s. 69A and levied tax u/s. 115BBE - the assessee has filed cash book explaining date wise receipts from various parties and deposited into bank...

12. Levy of interest for delay of 1 day in deposit of TDS - the assessee had deposited the amount with the authorized bank within the due date, however, due to technical...

13. Valuation of Rental Income - GST - Deduction of property taxes and other statutory levies - treatment of notional interest on the security deposit - All taxes levied...

14. Extending the time period for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the...

15. 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...