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Income Tax - Highlights / Catch Notes

Home Highlights June 2013 Year 2013 This

Compensation charges - revenue v/s capital - Payment of interest ...

Income Tax

June 28, 2013

Compensation charges - revenue v/s capital - Payment of interest on advance received against the booking of plots while refunding the amount - deduction allowed. - AT

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  1. Valuation - inclusion of notional interest on advances received - they did not extend this cash discount to those dealers who are not making advance payment - additions...

  2. Charging of interest u/s 234B for non payment of advance tax - assessment framed u/s 147 - additions made towards unexplained - Liability of interest confirmed.

  3. 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...

  4. 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...

  5. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

  6. Whether there is notional income on advances given to closely associated group - There is no statutory obligation on the assesse that the assessee must charge interest...

  7. 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...

  8. Royalty payment - revenue expenditure or capital expenditure - payment is purely revenue in nature, as they provide for payment of license fee for manufacture and sale...

  9. Deemed dividend u/s 2(22)(e) - The Tribunal emphasized that loans and advances received in the ordinary course of business, which involve payment of interest, do not...

  10. Interest under section 234B - defaults in payment of advance tax - exclusion of interest u/s 234C included in the self assessment tax - AT

 

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