Assessee not entitled to interest on refund of excess self-assessment tax paid by him, rules Delhi HC

IT : Refund of excess self-assessment paid by assessee would not be eligible for interest under section 244A as the provisions of section 244A would not apply thereto

AO couldn’t make addition of unaccounted stock when he failed to point out defects in book of accounts

IT : Where Assessing Officer could not point out any defect in books of account maintained by assessee, he was not supposed to make addition of unaccounted closing stock being difference in stock on mathematical calculation

AO couldn’t make addition of deemed dividend when assessee wasn’t a shareholder of lending Co.

IT: Where assessee itself was not shareholder of lending company, addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable

Interest on sums lent to foreign AE is to be benchmarked at LIBOR and not at domestic prime lending rate

IT/ILT : While benchmarking international transactions where assessee had advanced money to its AE and charged interest, international rates fixed being LIBOR + rate would be applicable and not domestic prime lending rates

HC exempts interest earned by trust on funds deposited in foreign bank following order of CBDT

IT : Once income derived from property held under by assessee-trust was applied in accordance with charitable objects in view of specific exemption granted by a special order issued by CBDT, there would be no violation of section 13(1)(d) so as to deny exemption

IT : In view of specific exemption granted by CBDT to assessee-trust, interest accrued in foreign bank was held not taxable

HC dismissed condonation plea of revenue alleging non-service of order as it was false explanation of revenue

IT: If explanation for delay in filing appeal is found to be concocted or demonstrate through negligence in prosecuting cause, then, it would be a legitimate exercise of discretion not to condone delay

ITAT quashed sec. 153C block proceedings as AO didn't record satisfaction that seized docs belonged to other person

IT : Where Assessing Officer of 'B', 'P' and 'MB' did not record any satisfaction that some money, bullion, jewellery or books of account or other documents found from these persons belonged to assessee, initiation of proceedings under section 153C on assessee was void ab initio

ITAT rightly determined market value of land on 1-4-1981 after considering doc of 1984 in respect of nearby land

IT: Where Tribunal determined fair market value of land inherited by assessee before 1-4-1981 by considering document of 1984 in respect of nearby land and after allowing certain deductions, no interference was required with such determination

Mere non-registration of asset in name of assessee doesn’t lead to denial of deprecation claim thereon

IT: Where certain assets were already transferred to assessee-society, assessee's claim for depreciation could not be rejected merely because those properties had not yet been registered in name of assessee

IT: Merely because revenue authorities rejected assessee's claim for depreciation on account of non-registration of assets in name of assessee, it could not form a ground to pass penalty order under section 271(1)(c)

CPC (TDS) – How to close Short Payment Defaults using Online Correction facility

CPC (TDS) -Advisory for closure of Short Payment Defaults using Online Correction facility before allowing Conso Files

As you may be aware that at the time of filing TDS statements, it is mandatory to quote the challan particulars through which TDS payments have been made. The TDS forms prescribe quoting of such challans and the underlying deductee transactions corresponding to such challans.