The answer is in negative by Supreme Court in Goetze (India ) Ltd. vs. CIT [2006] 284 ITR 323 (SC) which held that if assessee did not claim the deduction or exemption in return, the claim can not be made to A.O without filing revised return. The decision of the Apex Court was as under The question raised...
Can you claim interest on interest due on refund?
May 20, 2010 by
Income tax refund is one subject which ordinary taxpayer seriously doubt that they would get it from department. Therefore,Supreme Court’s decison on interest on interest is of great import. The issue in l before the Hon’ble Suprime Court in Sandvik Asia Ltd.vs CIT 280 ITR 643 (SC) was whether an assessee can claim interest (...
Are employers under statutory obligation to collect evidence of expenditure on LTC or conveyance allowance?
May 12, 2010 by
Leave travel concession or conveyance allowance are part of salary and exemption u/s 10(5) of the I t Act is also allowed to employee. A question arises regarding the responsibility of the employer about tream ment of these payment under I T Act for TDS purpose and whether for that reason, the employer deductor has...
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Quiz for CA/ICMA/CS Students
