Revision u/s 264 - Seeking revision since the payment of ...

Income Tax

December 22, 2023

Revision u/s 264 - Seeking revision since the payment of interest in excess of 12% to a partner disallowed in the hands of partnership firm - Under the Income Tax Act, the firm and the individual partners are different entities. The disallowance of expenditure in the case of one entity does not entitle the other entity (recipient) to claim deduction of the disallowed expenditure. In this case assessee has actually received interest and obtained benefit to that extent. In view of the above, the petition u/s. 264 of the assessee considered devoid of any merit and hereby rejected. - HC

View Source

← Previous Next →

Revision u/s 264 - Seeking revision since the payment of ...

Income Tax

December 22, 2023

You may also like:

Revision u/s 264 - seeking direction to re-consider the claim of the petitioner for deduction u/s 80-IA - there is no limitation on the power of the Pr. CCIT, CCIT, CIT...

Disallowance of interest u/s. 36(1)(iii) - partners of the assessee firm had over withdrawn an amount as in excess of what was brought by them in the firm - the assessee...

Revision of other orders u/s 264 - petitioners sought to expressly withdraw the revision petition filed u/s 264 - application was pending for decision - Thus by not...

Maintainability of wrt petition before HC where option for filing Revision u/s 264 is available - Rejection of Refund of excess amount paid as tax - There are no...

Interest liability - seeking waiver of interest since the payment of service tax was paid under the amnesty scheme - The tribunal observed that the appellant's payment...

Revision u/s 264 - Refund of excess tax paid - Admittedly, petitioner has paid more capital gains than what should have been paid. Capital gains has to be calculated on...

Contempt application preferred by the appellant alleging non-compliance of order passed by the learned Single Judge of the High Court - entitlement to refund of the...

Seeking exemption from pre-litigation mediation, as required by Section 12-A of the Commercial Courts Act, 2015 - Proceedings u/s 138 of the Negotiable Instruments Act,...

Revision u/s 264 - Claiming benefit of DTAA - refund of Dividend Distribution Tax (DDT) which was paid wrongly - This was not a case where a deduction was made u/s 195...

Revision u/s 264 in favor of assessee - Claim for refund of excess Tax paid/waiver of interest under Sections 234A, 234B and 234C denied - reason assigned for rejection...

Revision u/s 264 in favor of assessee - Commissioner has rejected the revision petition u/s 264 on the ground of that the Petitioner did not comply with the mandatory...

Rate of Interest on delayed refund - whether the appellant is entitled for interest on the delayed payment of refund either at the rate of 6% or at the rate of 12% of...

Excess utilisation of cenvat credit - Whether the appellant is liable to pay interest and penalty on account of alleged excess utilisation of cenvat credit - The demand...

Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

Declarations of undisclosed income - Income Declaration Scheme, 2016 - extension of time for making payment of the third installment sought - Appellant directed to...

Quick Updates: