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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Excess payment of interest to the sister concern - there was no ...

Income Tax

June 13, 2015

Excess payment of interest to the sister concern - there was no provision in the Act to tax income which has not accrued and further it was not a case of Section 40A(2)(b). - AT

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  2. Renting of Immovable Property Service - notional interest accruing on the lumpsum amounts received - There is no justification for inclusion of the notional interest in...

  3. Loan taken at higher interest rate than bank rate - The payment of interest to the family members and sister concern at 24% was diversion of profits - HC

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  9. When there is no short fall in payment of duty after adjusting excess payment on other products, interest liability will not arise. - AT

  10. Refund of excess interest - when the interest was for late payment of duty, there would not be any question of unjust enactment .... - AT

 

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