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 September 2016 Year 2016 This

Disallowance of Interest - liability to pay interest for earlier ...


Assessing Officer to Verify Interest Liability from Past Year for Current Year Claims.

September 17, 2016

Case Laws     Income Tax     AT

Disallowance of Interest - liability to pay interest for earlier year was crystallized during this year only. - AO to verify the correctness of the interest so claimed with reference to actual amount due to earlier year. - AT

View Source

 


 

You may also like:

  1. Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

  2. Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

  3. The case pertains to the denial of exemption u/s 11 of the Income Tax Act to an assessee society, questioning whether its activities qualify as charitable or commercial....

  4. The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which...

  5. The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

  6. Addition of interest on overdue deposits - ascertained liability or not - Additions made in the rectification proceedings u/s 154 - when the Assessing Officer himself...

  7. Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...

  8. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

  9. The assessee's claim for deduction u/s 80IC for the finished products manufactured at Unit No. III at Paonta Sahib, Himachal Pradesh, was initially allowed but later...

  10. Depreciation u/s 32 on non compete fee - For the assessment year 2003-04, the CIT(A) allowed it and the Assessing Officer gave effect to the order passed by the CIT(A)....

  11. The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

  12. 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...

  13. Revision u/s 263 - bogus liability towards purchases - payment in expenditure cash during the next year - The implications, if any, in respect of discharge of liability...

  14. Assessment u/s 153C - Now supposing a search is conducted in one year and documents of other person are handed over to the Assessing Officer, of other person or to the...

  15. 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...

 

Quick Updates:Latest Updates