It was impossible to foresee the decision of the Supreme Court. No interest can be charged if the tax liability arises due to Supreme Court decision
No interest u/s 234B & 234C if the tax liability arises due to retrospective amendment of law: Calcutta HC
Word “otherwise” in s. 45(4) takes within its sweep not only cases of dissolution but also cases of subsisting partners of a partnership transferring assets in favour of a retiring partner
If certain tax liability arose by virtue of retrospective amendment then revenue cannot demand interest for short payment of advance tax
Due date for ESI contribution for the month of February further extended to 15th May 2020 instead of earlier extended date 15th April, 2020.
Interest paid can be treated as the cost of assets even if the same is claimed as deduction u/s 24(b)
Confusion Resolved : CBDT issued Circular regarding TDS on Salary Income vis a vis New Tax Option Under Section 115BAC
Levy of interest under s. 234B was not justified when there were conflicting decisions of the Tribunal
E-payment Era: If the last day of payment is a holiday or a day on which bank is closed, Whether interest is leviable for delay? – CA Naresh Jakhotia
ICAI has approached to various Regulators requesting for relaxation in statutory filings Audit and other compliance due to on-going spurt of Covid-19.
All Trusts & Societies in Maharashtra required to contribute to the new ‘Epidemic Disease Relief Fund & Disaster Relief Fund
When Partnership Firm was transformed into Private Limited Company, there was no distribution of assets and as such, there was no transfer and therefore no capital gain liability arise : CA Naresh Jakhotia
“Transfer” presumes both the existence of asset and of the transferee, after the transfer. Non existence of any one will meant that there is no “Transfer”: Supreme Court
