Home Highlights November 2010 Year 2010 This

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1. Interest u/s 234A, 234B and 234C - non maintenance of proper books of accounts - rejection of claim for waiver of interest cannot be said to be illegal - HC

2. Refusal to waive interest u/s 234A, 234B and 234C - disallowance for want of deduction of tax at source u/s 40(a)(ia) - interest cannot be waived - HC

3. Waiver of interest u/s 234A, 234B and 234C - marginal delay in filing the returns - The petitioner sought relief based on the timing of filing returns after receiving...

4. MAT Credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, 234B and 234C

5. SC allows setoff of MAT credit with tax liability before calculating interest u/s 234A, 234B & 234C

6. Waiver or reduction of interest u/ss 234A, 234B and 234C - rejection of one's legal contention cannot be characterised as an unavoidable circumstance - If adverse...

7. Income Tax Settlement Commission order - Waiver of interest - the Settlement Commission cannot re-open its concluded proceedings by invoking Section 154 of the Act so as...

8. Mat credit – MAT credit should be given before charging interest under Sections 234B and 234C of the Act - HC

9. Charging interest u/s 234A, 234B and 234C - late filing of return of income - CIT(A) was not right in levying interest under Section 234A of the Act when the return was...

10. If the petitioner is entitled for waiver of interest u/s 234A for the reasons set out above, the question of payment of advance tax nor a portion thereof will not arise...