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Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

A roguish leeway of undue enrichment - Levy of Interest u/s 234B ...

Income Tax

January 15, 2016

A roguish leeway of undue enrichment - Levy of Interest u/s 234B when refund is pending / delayed - Income Tax - Direct Tax Code - DTC

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  1. Assessment u/s 115JA - MAT - Levy of interest u/s 234B and 234C on retrospective levy of tax - Interest cannot be levied with retrospective effect - HC

  2. Settlement of case - power of commission u/s 254F to rectify an order - levy of interest liability u/s 234B which was not levied in the original order - order of...

  3. Claim of interest - Delayed refund - Unjust enrichment - appellant is entitled for claim of interest on delayed refund - AT

  4. Refund – unjust enrichment – Merely because the interest amount was not shown as recoverable amount from the customers, clause of unjust enrichment cannot be attracted - AT

  5. Computation of interest u/s 234B - there is definite increase of tax liability from the regular assessment at the time of re-assessment - Tax paid u/s 140A was already...

  6. Interest u/s.234B can be levied only on the returned income and not on the assessed income - AT

  7. Settlement Commission is authorized to levy interest u/s 234B on additional amount of assessed tax u/s 245D over declared income u/s 245C - HC

  8. There was no previous assessment finalized therefore, in the assessment framed in re-assessment proceedings under Section 147 of the Act would attract levy of interest...

  9. Interest u/s 234B – Tax liability due to retrospective amendment - failure to pay advance tax - no interest liability under section 234B - HC

  10. Whether the Settlement Commission could reopen its concluded proceedings by invoking Section 154 so as to levy interest u/s 234B - Held No.

 

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