Tag Archives: Interest

GST Order levying Interest not Valid as passed without hearing Taxpayer : HC

By | April 19, 2020

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 »

Pay GST Interest on Cash and ITC (Gross Tax Liability) if delay in filing Returns : HC

By | May 2, 2019

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 »

Allow Interest on refund from beginning of AY even if mistake committed by assesse : HC

By | February 26, 2019

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 not received on doubtful loan can’t be taxed on accrual basis

By | November 22, 2015

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 earned by Finance Company not taxable as income from other sources as it was held as business income in earlier years

By | November 12, 2015

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 »