Disallowing unpaid interest u/s. 43B - In the instant case the ...

Income Tax

April 22, 2021

Disallowing unpaid interest u/s. 43B - In the instant case the assessee company failed to pay the interest amount on or before the due date of filing the return of income u/s. 139(1) of the Act. The proviso clearly states that the deduction is allowable if the amount is actually paid." Therefore, we are of the view that one more opportunity may be given to assessee to substantiate its claim by filling documentary evidence before the AO. - AT

View Source

← Previous Next →

Disallowing unpaid interest u/s. 43B - In the instant case the ...

Income Tax

April 22, 2021

You may also like:

Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

Ad hoc disallowance made out of the interest paid by the assessee - No comparable case was cited, wherein the rate of interest less than 12% was paid to the persons from...

Disallowance u/s 43B - it is not a case of conversion of outstanding interest into the loan so that the same could be allowed only on the actual payment, more...

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...

Disallowance of unpaid service tax u/s 43B - Service tax collected by the assessee and not paid to the Government exchequer before the due date of filing of return, is...

Interest on refunds u/s 244A - unpaid portion representing tax as well as interest - The assessee is entitled for interest on unpaid interest.

Interest paid to bank disallowed – Applicability of section 43B - merger of non-scheduled bank with scheduled bank - e provisions of section 43B clearly apply after the merger - AT

AO/CPC jurisdiction u/s 143(1) to carry out 43B(a) disallowance - The Tribunal analyzed the provisions of section 43B and relevant judicial precedents to determine the...

Deduction u/s 43B disallowed - In the present case, the liability to pay Excise Duty of the assessee is incurred on the removal of finished goods in the subsequent year...

Addition on interest paid on loans - the action of the assessee company to make advances at a lower rate of interest than the interest liability discharged by the...

Disallowance of unpaid service tax u/s 43B - Section 43B does not contemplate liability to pay the service tax before actual receipt of the funds in the account of the...

Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...

Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

Interest liability - Provisional assessment - interest is not payable if assessee pays the duty before finalisation - AT

Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

Quick Updates: