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...
Ineligible input tax credit claims triggered interest for late tax payment and a penalty for late payment; the statute permits a taxpayer to avoid higher penalty by pre-paying tax with interest and a reduced penalty under specified pre-payment options, and notifying the tax authority in writing. The petitioner did not exercise any pre-payment alternative and admitted and credited the tax later, so the assessment confirming tax, interest and penalty was sustained and the writ petition dismissed.
Ineligible input tax credit claims triggered interest for late tax payment and a penalty for late payment; the statute permits a taxpayer to avoid higher penalty by pre-paying tax with interest and a reduced penalty under specified pre-payment options, and notifying the tax authority in writing. The petitioner did not exercise any pre-payment alternative and admitted and credited the tax later, so the assessment confirming tax, interest and penalty was sustained and the writ petition dismissed.
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