Home Highlights December 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. Duty of AO to Guide the Assessee - Considering the specific facts on record that the assessee is non resident the amount which the ld. AO has taxed is earned and sourced...

3. Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

4. Expenses incurred for earning interest income on estimation basis - AO is directed to allow 1% of expenses on account of interest income and on service charges income - AT

5. 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...

6. Rate of tax on Interest Income - how the tax rate of non resident companies in their respective countries will be applied on this interest income earned by the assessee...

7. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

8. Interest earned on loans given to employees will be taxed under the head “business income” - AT

9. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

10. Deduction u/s 57 while computing interest income - AO / CIT(A) had allowed deduction by restricting the of cost of funds to the extent of 15% on ad-hoc basis of the...

11. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

12. 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...

13. 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...

14. Levy of penalty u/s 271(1)(c) - Failure to offer full amount of Interest earned on income-tax refund as taxable income - The assessee did not contest this addition,...

15. 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...