Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Determination turns on whether electronic debit or challan generation marks the payment date for advance tax. The tribunal found that an electronic netbanking debit reflected in the taxpayer's bank statement on the statutory due date constitutes payment; delay in generation/credit of the challan due to bank/technical processes is beyond the taxpayer's control. The presumption that payment was timely stands unless Revenue proves otherwise. Consequently, interest under advancetax delay provisions was not leviable and the relief was granted to the taxpayer.
Determination turns on whether electronic debit or challan generation marks the payment date for advance tax. The tribunal found that an electronic netbanking debit reflected in the taxpayer's bank statement on the statutory due date constitutes payment; delay in generation/credit of the challan due to bank/technical processes is beyond the taxpayer's control. The presumption that payment was timely stands unless Revenue proves otherwise. Consequently, interest under advancetax delay provisions was not leviable and the relief was granted to the taxpayer.
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