GST Order levying Interest not Valid as passed without hearing Taxpayer : HC GST Order levying Interest:HC HIGH COURT OF PATNA Gaya Marketing v. State of Bihar SANJAY KAROL, CJ. AND ANIL KUMAR UPADHYAY, J. CIVIL WRIT JURISDICTION CASE NO. 23783 OF 2019 JANUARY 14, 2020 Gautam Kumar Kejriwal, Advocate for the Petitioner. Vikash Kumar, for the Respondent. ORDER… Read More »
Breaking News ! No Late fees for GST Annual Return GSTR 9 and GSTR9C
Video Explanation of Payment of Interest under GST Until a return is filed as self-assessed, no entitlement to credit and no actual entry of credit in the electronic credit ledger takes place. As a consequence, no payment can be made from out of such a credit entry. It is true that the tax paid on the… Read More »
HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-2 v. State Bank Of India AKIL KURESHI AND M.S. KARNIK, JJ. IT APPEAL NO. 1218 OF 2016 JANUARY 4, 2019 Suresh Kumar for the Appellant. Atul Jasani for the Respondent. ORDER 1. The appeal is filed by the revenue to challenge the judgment of the Income Tax Appellate Tribunal “Tribunal” for short” dated… Read More »
Interest on Income Tax Refund ; Section 244A(1) of Income Tax Act 1961 Facts of the Case The appellant had paid a sum of Rs. 20,00,000/- on 29.6.1991, as tax due under section 140A. This amount actually became refundable due to the appellate proceedings. Therefore, the appellant claimed the refund of the said amount of… Read More »
Facts of the Case:- Assessee had advanced certain amount to a party on interest that said amount was outstanding and income from interest accrued had not been shown in the return. Assessing Officer View Point :- Assessing Officer, invoking the provisions of section 145, held that the interest was accrued to assessee for the year… Read More »
Interest income of finance company not taxable as other sources of income if it was held as business income in earlier years IN THE ITAT MUMBAI BENCH ‘C’ Preimus Investment & Finance Ltd. v. Deputy Commissioner of Income-tax I.P. BANSAL, JUDICIAL MEMBER AND RAJENDRA, ACCOUNTANT MEMBER IT APPEAL NO. 4879 (MUM.) OF 2012 [ASSESSMENT YEAR… Read More »
How the Interest on Self Assessment tax Paid will be calculated ? Payment of excess self-assessment tax can’t be regarded as payment of tax before processing of return under section 143(1). Thus, refund of excess self-assessment tax will not carry any interest from the date of payment but it will carry interest from the… Read More »