Home Highlights August 2018 Year 2018 This

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1. Levy of penalty u/s 270A - Failure to offer the interest on income tax refund subject to tax - the explanation of the assessee for not offering the interest on income...

2. Taxability of interest on income tax refund received - PE in India or not? - whether shall be taxable as business income under Article 7 of India-France DTAA as against...

3. MAT computation - Book Profit - addition of interest on income tax refund to the Net Profit - As there is no dispute on the fact that assessee has offered interest on...

4. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

5. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

6. Interest earned on income-tax refund - AO directed to levy the tax on the interest of income-tax refund at 15% on gross basis.

7. Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

8. Levying interest u/s 234C - Advance tax - Non-deduction of TDS by the payer - The interest income received by the assessee from IOCL was liable for deduction of tax at...

9. Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks...

10. 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...

11. Deduction u/s. 80IA - nexus with business activity - The assessee having paid excess income tax, received refund with interest - Benefit of deduction allowed.

12. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

13. Deduction u/s 10AA - Income from gold dust - the AO himself has not denied the fact that the income from sale of gold dust is part of the business income of the assessee....

14. Correct head of income - interest income on FD - Income From Other Sources v/s income from business - The said interest income has been earned by the assessee in the...

15. Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...