Home Highlights August 2014 Year 2014 This

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1. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

2. Validity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised...

3. Withdrawing the excess tax credit for advance tax and self-assessment tax - Rectification u/s 154 - The assessee has to furnish details of different payments of tax by...

4. 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...

5. Deduction u/s. 80(P)(2)(a)(i) - Due date for filing the return of income u/s 139(1) - The assessee cannot be denied deduction under Section 80P(2)(a)(i) of the Act if...

6. Disclosure of income under VDIS - set off of tax under VDIS with advance tax (including TDS) in regular course - a Section 70 and 71 mandate that the income disclosed in...

7. Adjustment of advance of service tax was paid but had not been shown in the ST-3 Return as advances and not been adjusted subsequently - Under Rule 6 of the Service Tax...

8. Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

9. 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....

10. Disallowance u/s 40(a)(ia) with regard to the non-deduction of tax at source in respect of payments made towards labour payment - Once the recipient has disclosed the...

11. Assessment completed u/s 144 - defective return - Return filed in response to the notice issued u/s 153A it has been stated that the return filed u/s 139(1) of the Act...

12. Mandatory e-filing of ST return by all the assessee - Service Tax rules, 1994 amended.

13. 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...

14. Foreign Tax Credit (FTC) under Article 24(2) of the India-UK DTAA read with Section 90 - As the assessee has filed original return of income before the due date of...

15. Charging of interest u/s.234C - Interest for deferment of advance tax - whether to charge interest u/s.234C only on the income disclosed in the return of income filed...