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Income Tax - Highlights / Catch Notes

Home Highlights December 2013 Year 2013 This

Interest under Section 158BFA(1) - No authority has power to ...

Income Tax

December 9, 2013

Interest under Section 158BFA(1) - No authority has power to reduce or waive the interest levied under Section 158BFA for the block assessment - HC

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  1. Penalty u/s 11AC - Interest u/s 11AB - interest and penalty are imposable and there is no discretionary power vested with the authorities for waiving the same.- HC

  2. Power to waiver of mandatory pre-deposit - Section 129E does not empower the Tribunal or the Commissioner (Appeals) to waive the pre-deposit or to reduce the pre-deposit.

  3. Levy of interest on differential duty raised through supplementary invoice - retrospective increase of price of finished goods - demand of interest confirmed - penalty waived - AT

  4. Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

  5. Levy of Interest u/s 158BFA(1) - Block assessment u/s 158BD - in case of the person other than searched person the notice under Section 158BD would be...

  6. Validity of the penalty u/s 271(1)(c) or 158BFA - AO has levied the penalty under section 271(1)(C) of the Act by observing that the assessee has concealed/furnished...

  7. Interest u/s 158BFA(1) - the interest u/s 158BFA(1) should be charged upto the date of original assessment order, i.e., the expression “date of completion of assessment...

  8. Penalty - service tax is paid along with interest before issuance of SCN - applicability of Section 73(3) of the FA - levy of penalty waived for more than one reason - AT

  9. Demand of service tax from the Sub-contractor - Demand of service tax with interest confirmed - Levy of penalty u/s 77 & 78 waived invoking the provisions of section 80- AT

  10. Levy of penalty - As the assessee had paid service tax and interest by showing their bonafides before issuance of SCN - Penalty liable to be waived of by invoking Section 80 - AT

 

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