Accrual of liability - where claim of damages and interest ...

Income Tax

October 22, 2015

Accrual of liability - where claim of damages and interest thereon is disputed by the assessee in the court of law, deduction can't be allowed for the interest claimed on such damages in the computation of business income. - AT

View Source

← Previous Next →

Accrual of liability - where claim of damages and interest ...

Income Tax

October 22, 2015

You may also like:

Deduction of Interest liability - merely because assessee has disputed its liability it can can not be held as un-ascertained liability - interest liability of earlier...

Levy of penalty - assessee had discharged the entire liability of payment of service tax and interest thereon before the issuance of show cause notice - No penalty - HC

Refund - claim of interest - Period of limitation that applies to a claim for the principal amount should also apply to the claim for interest thereon - AT

Taxability of claim for damages - enhanced compensation - No amount has been received till date by the Assessee pertaining to the damages as claimed by the assessee -...

Demand of interest - the period of limitation that applies to a claim for the principal amount should also apply to the claim of interest thereon.

Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

Provision for liquidity damages disallowed - The liability crystallized with the occurrence of event of delay in the execution of contract - deduction of claim allowed...

Disallowance of assessee’s claim in respect of its liquidated damages - Revenue argument that these liquidated damages are only in the nature of a provision is...

Payment of liquidated damages - Capital or Revenue in nature - the claim of assessee on liquidated damages deducted under the agreed condition of the contract is...

Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

Quick Updates: