Home Highlights October 2014 Year 2014 This

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1. Scope of Explanation C of Section 43B - Actual payment of interest or not - Issuance of debenture in lieu of Interest - since Explanation 3C was added in 2006 with the...

2. 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...

3. Rate of TDS - Non-availability of PAN - Benefit of treaty - in case of payments made to non-residents, the assessee was entitled to deduct taxes at source at the rates...

4. Liability to pay interest u/s 234B - In the light of legal position as it existed for the relevant Assessment Years prior to insertion of proviso to Section 209(1) of...

5. TDS u/s 192 - per-diem allowance paid to the employees - When the payment is made to meet the expenses incurred and when not taxable u/s 10(14) merely because the actual...

6. Interest liability - seeking waiver of interest since the payment of service tax was paid under the amnesty scheme - The tribunal observed that the appellant's payment...

7. Addition u/s 43B - “actual payment” means “actual payment” and not actual receipt and delivery of the currency by the two parties transacting when they are creditor and...

8. Disallowance of claim of interest expenses u/s. 57(iii) - The Assessing Officer (AO) had disallowed a portion of the interest expenses based on the difference between...

9. Addition of interest expenses - assessee has made payment to partners as per the Partnership Deed and within the limit prescribed u/s 40(b) - claim of interest expense allowed - AT

10. Interest on Delayed Refund of Input Tax Credit - Proviso to Section 56 specified increased interest rates for refunds arising from orders of adjudicating or appellate...

11. CONSEQUENCES OF NON-PAYMENT & DELAYED PAYMENT OF SERVICE TAX - Article

12. Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the...

13. TP Adjustment - Disallowance of non-operating and non-allocable expenses incurred for exploring new business in the line of Maintenance and Operations of Transportation...

14. Disallowance of payment u/s 43B - Explanation 3C only prohibits an assessee for recognizing the actual payment of interest by converting its interest into loan or...

15. 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...