Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2013 Year 2013 This

Notional interest - When the parties have agreed not to charge ...


Interest Charges Not Enforceable by Assessing Officer if MoU Specifies No Interest for Payments Within Two Months.

October 11, 2013

Case Laws     Income Tax     HC

Notional interest - When the parties have agreed not to charge the interest, as per the condition laid down in the MoU i.e. “if the remittance is within the less than two months“, then the AO cannot compel to do so - HC

View Source

 


 

You may also like:

  1. Levy of interest - Even if any provision of law is mandatory and provides for charging of tax or interest - Such charge by the assessing officer should be specific and...

  2. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

  3. Penalty u/s 271(1)(c) - The Appellate Tribunal observed that the appellant, during reassessment proceedings, had filed their return of income but failed to provide...

  4. Rectification u/s 154 - Chargeability of interest u/s 234B and 234C - income returned u/s 115JB - The return was assessed under section 143(3) of the Act, and no...

  5. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

  6. Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

  7. Levy of penalty u/s. 271(1)(c) - Addition of LTCG - Assessing Officer while recording satisfaction has invoked both the charges of section 271(1)(c) - ambiguity and...

  8. Entitled to registration u/s 12AA and approval under Section 80G - Allegation of charging higher rate of interest from the self help groups in the name of charitable...

  9. Disallowing interest expenditure claimed u/s 36(1)(iii) when the assessee firm has interest-free funds and the amount overdrawn by partners. The Tribunal held that since...

  10. The Appellate Tribunal considered the issue of penalty u/s 271(1)(c) of the Act. It was questioned whether a precise charge was brought against the assessee and if the...

  11. Validity of assessment orders - Allegation that freight not reported and goods sold with under value - The court finds that the assessing officer's determination of...

  12. Power given to Board to assign territories jurisdiction to specified officers in specified cases.

  13. Undisclosed investment - Addition on the basis of documents (MoU) seized during the course of search / survey - sale deeds for lands covered by MoUs had not been...

  14. Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

  15. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

 

Quick Updates:Latest Updates