Home Highlights July 2013 Year 2013 This

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1. Credit of Dividend Distribution Tax u/s 115-O - The AO, in preparing the statement of assessed total income, computed the DDT payable but did not adjust the DDT already...

2. Salary income from foreign company for short term foreign assignment - The Tribunal held that, the assessee possesses tax residency certificate of United kingdom for a...

3. Denial of credit of advance tax paid by assessee - filing of application before CBDT u/s 119(2)(b) for condonation of delay in claiming the advance tax credit - AO erred...

4. Interest u/s. 234C - advance tax - dividend has been received by the assessee only in third and fourth quarters of the financial year - the assessee had duly paid the...

5. Withdrawing the excess tax credit for advance tax and self-assessment tax - Rectification u/s 154 - The assessee has to furnish details of different payments of tax by...

6. CENVAT Credit of wrongly paid service tax - freight component in relation to transport of goods - If, upon a misconception of the legal position, the assessee had paid...

7. Scope of Advance Ruling application - Input Tax Credit - When the applicant is sure as is evident in the application that tax has not been paid in cash or has been paid...

8. Transitional credit - Unutilized amount of Advanced VAT paid - The court found that if the amount of advance tax paid under the VAT regime remained unutilized, it should...

9. 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...

10. Foreign tax credit claimed under Article 24 of India- UK DTAA read with Section 90 - assessee who is a resident of India and has derived from salary which has suffered...

11. Exemption from tax under Section 115-O - Tax on distributed profit / Dividend Tax - Once it is held that the amount distributed or paid by Petitioner by way of dividend...

12. Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT

13. 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...

14. Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

15. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...