final g.....Tags : Interest rates, marginal cost, rbi
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RBI announces rate of interest on Government of India Floating Rate Bond 2028(03.10.2023)
The rate of interest on Government of India Floating Rate Bond 2028 (GOI FRB 2028) applicable for the half year October 04, 2023 to April 03, 2024 sha.....
Tags : Interest, Rate, Announcement
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Recovery of Interest on delayed remittance of Government Receipts into Government Account(26.09.2019)
In Circular DGBA.GAD.No.H-4831/42.01.011/2012-13 dated February 13, 2013 wherein, in order to bring uniformity in the procedure of reporting both cent.....
Tags : Government Receipts, Recovery, Interest
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RBI announces rate of interest on Government of India Floating Rate Bond, 2031(06.12.2023)
The rate of interest on Government of India Floating Rate Bond 2031 (FRB 2031) applicable for the half year December 07, 2023 to June 06, 2024 shall b.....
Tags : Interest, Rate, Bond 2031
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Interest income to be included in tax return(01.01.1900)
The Central Board of Direct Taxes notified persons earning interest income that interest credited or received on deposits is taxable unless exempt und.....
Tags : Income tax return, interest income, inclusion
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Amendments approved in interest subvention scheme for MSMEs(16.12.2019)
Changes set to give Fillip to the MSME Sector
The Minister for Micro, Small and Medium Enterprises and Road Transport & Highways, Shri.....
Tags : Amendments, Interest subvention
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Deposits made under the Senior Citizens Welfare Fund shall bear interest at 3.35%(23.11.2021)
It is hereby notified that the deposits made under the Senior Citizens Welfare Fund, announced in the Ministry of Finance (Department of Economic Affa.....
Tags : Deposits, Welfare Fund, Interest
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Rate of Interest on Floating Rate Savings Bond, 2020 (Taxable) - FRSB 2020 (T) for the Period January 01, 2024 - June 30, 2024(01.01.2024)
1. In terms of Para 13 (ii) of Government of India Notification F.No.4(10)- B(W&M)/2020 dated June 26, 2020 on Floating Rate Savings Bonds, 2020 (Taxa.....
Tags : Rate, Interest, Savings Bond
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Banking Regulation Act, 1949 - Section 26A Depositor Education and Awareness Fund Scheme, 2014 - Operational Guidelines - Payment of Interest(07.06.2018)
Please refer to the circular DBOD.No.DEA Fund Cell.BC.126/30.01.002/2013-14 dated June 26, 2014 on the captioned subject, wherein Reserve Bank had spe.....
Tags : Interest Rate, Payment, Operational Guidelines
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Judgments
Constitutionality of Food Safety and Standards Act, 2006 upheld(16.09.2015)
The Bombay High Court summarised its position on the constitutionality and vires of the Food Safety and Standards Act, 2006 as thus: “…if preventing f.....
Tags : Food safety, constitutionality, public interest
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Petition against appointment of additional nature guides at Ranthambore rejected(09.09.2015)
Rajasthan High Court dismissed a petition by nature guides at Ranthambore National park against the appointment of additional guides. Noting that the .....
Tags : Ranthambore, nature guide, vested interest
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Interest and penalty not imposable where credit wrongly availed, reversed prior to utilization(08.08.2016)
Issue involved was relating to liability to pay interest on cenvat credit availed by Appellant but not utilized and reversed subsequently. In present .....
Tags : Cenvat credit, Interest, Liability
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Interest would be payable from date on which CENVAT credit is wrongly taken or utilized(03.11.2016)
Appellant is engaged in manufacture of electronic connector harness and other IT products availed CENVAT credit of duty paid on inputs and capital goo.....
Tags : CENVAT credit, Interest, Levy
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Person holding premises gratuitously or as caretaker or servant would not acquire any interest in property even by long possession(06.01.2017)
Instant appeal challenges judgment passed by High Court of Bombay setting aside Order passed by Bombay City Civil Court. Said Notice of Motion was dis.....
Tags : Property, Possession, Caretaker, Interest
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For erroneous credit availed, even if, not utilized, interest could be applicable for the normal period of limitation(19.01.2018)
In the facts of present case, the Appellant had wrongly taken excess credit of Rs. 9,97,32,292 during the period September 2008 to January 2009 on imp.....
Tags : Excess credit, Interest, Payment
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Disclosure of bank’s business dissuades “window-dressing”, in public interest(28.06.2016)
“Any action that results in dissuading commercial entities from indulging in practices such as window-dressing would be in larger public interest”, th.....
Tags : rti, exemption, bank, business mix, public interest
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Bank cannot refuse any payment which is made by a loanee of outstanding amount(19.06.2018)
The appeal has been preferred against the order passed by the learned single Judge, who has exonerated the private Respondent from making further paym.....
Tags : Outstanding dues, Interest, Payment
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Authorities are entitled to claim exemption when disclosure of information risks possibility of its misuse(15.05.2019)
In facts of the present case, the Appellant filed an application under the Right to Information Act, 2005 (RTI Act) before the Central Public Informat.....
Tags : Information, Disclosure, Public interest
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If amount is not voluntarily paid by assessee and later on case is decided in his favour, then he is entitled to interest from date of deposits made by assessee(18.11.2019)
The present appeal is directed against the impugned order passed by the Commissioner (Appeals) whereby the Commissioner (Appeals) has allowed the inte.....
Tags : Interest, Entitlement, Date
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Department can re-open proceedings after issuance of discharge certificate only when there is substantial and conscious mis-declaration(21.10.2019)
The brief facts of the case are that, the Respondents filed VCES declaration under Section 107 of the Finance Act, 2013 as amended. They paid service .....
Tags : Demand, Interest, Deletion, Legality
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Interest alone cannot be construed as operational debt(11.02.2020)
Present appeal emanates from the order passed by the Adjudicating Authority on the application filed under Section 9 of the Insolvency and Bankruptcy .....
Tags : Delayed payment, Interest, Operational Debt
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Integrity of judicial officer must be of a higher order and even a single aberration is not permitted(27.02.2020)
Present writ petitions have been filed by two erstwhile judicial officers who were members of the judicial service in the State of Jharkhand and are d.....
Tags : Compulsory retirement, Public interest, Legality
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Recovery of interest on delayed period even though claimed after taking possession is maintainable(14.03.2019)
In facts of present case, Appellant-allottee has challenged the final order passed by Learned Member and Adjudicating Officer of MahaRERA Authority in.....
Tags : Delayed possession, Interest, Entitlement
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Promoter is liable to pay interest to the complainant on failure to fulfil his obligation(28.02.2019)
A complaint was filed under section 31 of the Real Estate (Regulation and Development) Act, 2016 read with rule 28 of the Haryana Real Estate (Regulat.....
Tags : Delayed possession, Interest, Legality
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No interest is payable, when clauses agreement bars arbitrators from granting interest(07.02.2019)
In present matter, the Appellant herein was awarded the contract under which it was to execute certain Works. Agreement in this behalf was signed on 1.....
Tags : Award, Interest, Legality
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Before entertaining a writ petition and passing any interim orders, Court must carefully weigh conflicting public interests(24.06.2020)
The present appeals are directed against the interim order passed by the High Court whereby in an intra-court appeal, the High Court passed an order o.....
Tags : Public interest, Interim order, Legality
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Court cannot grant interlocutory injunction, unmindful of the existence of a prima facie case merely on basis of public interest(18.09.2020)
Present application, preferred by the Appellant praying for permitting the applicant to manufacture and sell its product "APIXABID", a generic product.....
Tags : Public interest, Permission, Sale
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Interest can be capitalized only in respect of capital assets purchased out of borrowed funds(04.09.2020)
The revenue has filed present appeal challenging the decision rendered by Learned CIT(A) in respect of disallowance of interest expenditure made by th.....
Tags : Interest, Disallowance, Legality
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Authority under RERA Act, 2016 is empowered to impose interest on contravention of obligations by promoter(04.11.2020)
In facts of present case, the Petitioner is a promoter. The Respondent Nos.3 to 119 are allottees. The Petitioner could not deliver possession of the .....
Tags : Interest, Levy, Validity
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No larger public interest overriding the right to privacy of the donors and donees of electoral bonds; information are exempt under provisions of RTI Act(21.12.2020)
The Appellant has filed the instant appeal on the grounds that, reply given by the CPIO was wrong, incomplete and misleading. The Appellant pleaded th.....
Tags : Information, Disclosure, Public interest
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If Refund is delayed by three months after filling Application for Refund, claimant becomes eligible to get interest(01.04.2021)
The Appellant has filed present Appeal against the impugned order-in-appeal passed by the Commissioner (Appeals), CGST and Central Excise, wherein SAD.....
Tags : Refund, Interest, Entitlement
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An employee has a right to claim interest on delayed payment of retirement benefits(21.06.2021)
The writ Petitioner joined Durgapur Projects Limited, a Government of West Bengal Enterprise, on August 18, 1980. Durgapur Projects Limited is a State.....
Tags : Gratuity, Interest, Entitlement
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Once the borrowed funds were utilized for business purposes, interest paid on same becomes an allowable deduction under Section 36(i)(iii) of the IT Act(02.08.2021)
Present appeal arises out of the order by the learned Commissioner of Income Tax (Appeals). The ground raised by the assessee is with regard to challe.....
Tags : Disallowance, Interest, Legality
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If the contract prohibits pre-reference and pendente lite interest, the arbitrator cannot award interest for the said period(04.10.2021)
Present appeal is directed against the Order of the Division Bench of the High Court whereby it has upheld the judgment of the learned Single Judge re.....
Tags : Award, Interest, Entitlement
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Credit on Outdoor Catering Service to the extent of contribution of services charges borne by the employee is not Cenvatable(03.09.2021)
The issue involved in the present case is that whether the Appellant is liable to pay interest on the Cenvat credit availed on the contribution of ser.....
Tags : Demand, Interest, Legality
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Contract must explicitly bar pendente lite interest to prevent arbitral award(16.03.2016)
An Arbitrator cannot award interest pendente lite if the same is barred expressly by contract. The Supreme Court distinguished an explicit contractual.....
Tags : Arbitration, interest, award, pendente lite
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If there is a specific contract between the parties that proscribes award of interest, award of pre-reference interest would be impermissible(20.12.2021)
The Petitioner (the 'Railway') has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 ('A and C Act') impugning.....
Tags : Award, Interest, Validity
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Arbitral tribunal has power to award future interests on the awarded amounts, which as expressly provided under Section 31(7)(a), may include interests on the amounts awarded(19.04.2022)
The Petitioner has issued a Notice Inviting Tender for three construction projects. The Respondent being the successful bidder entered into an agreeme.....
Tags : Interest on award, Arbitral Tribunal
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Liability to pay the interest on compensation shall be from the date of accident(11.03.2022)
The heirs of the deceased – labourer working on sugarcane field have preferred the present appeal against the impugned judgment passed by the High Cou.....
Tags : Compensation, Interest, Entitlement
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Statute provides for mandatory payment of interest and there is no discretionary power with the Revenue Authority in the matter of interest(25.05.2022)
The issue involved in present appeal is whether the Commissioner (Appeals) has rightly rejected the claim of interest, on the grant of belated refunds.....
Tags : Refund, Interest, Entitlement
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Date of filing of refund application needs to be taken for grant of interest(05.04.2022)
The issue involved is whether the Appellant is entitled for interest in respect of the refund claim already granted. The brief facts of the case are t.....
Tags : Refund, Interest, Grant
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Interest earned by the assessee on surplus held with cooperative banks would be eligible for deduction under Section 80P(2)(d) of the IT Act(20.05.2022)
The Revenue is in appeal in respect of the allowability of deduction under Section 80P(2)(d) of the Income Tax Act, 1961 (IT Act) in respect of intere.....
Tags : Interest, Deduction, Eligibility
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Any amount deposited during investigation has to be treated as pre-deposit and the same is neither hit by limitation nor by unjust enrichment(27.09.2022)
The issue involved in present appeal is whether the Court below have erred in reducing the amount of refund, which was in the nature of pre- deposit, .....
Tags : Pre-deposit, Refund, Interest
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Arbitrator has the inherent discretion to grant post-award interest(01.09.2022)
Present appeal arises from a judgment of the High Court by which the appeal under Section 37 of the Arbitration and Conciliation Act 1996 against a ju.....
Tags : Discretion, Award, Interest
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Section 14A of IT Act will not apply, if no exempt income is received or receivable during the relevant previous year(06.10.2022)
Present Income Tax Appeal has been filed challenging the Impugned Order passed by the Income Tax Appellate Tribunal ('ITAT') for the Assessment Year 2.....
Tags : Assessment, Expenses, Interest
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Section 220(2) of IT Act does not empower the revenue to demand interest relating back to a set aside order, when a fresh assessment order has been passed thereafter(17.11.2022)
The Assessee is engaged in the business of network design, management, communication, connectivity services and related products. The Assessee filed i.....
Tags : Interest, Deletion, Legality
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In the absence of obligation to deduct tax at source, the assessee cannot be held to be an assessee in default(10.01.2023)
The Appellant is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of dealing in flats constructio.....
Tags : Assessment, Interest, Liability
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Unless there is a specific bar under the contract, it is always open for the Arbitrator/Arbitral Tribunal to award pendente lite interest(17.03.2023)
The Indian Railway Construction Company Limited ("IRCON") has preferred the present appeal feeling aggrieved and dissatisfied with the impugned judgme.....
Tags : Award, Interest, Grant
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Interest should be charged from the date of notice under Section 148 of the IT Act itself and not from the date of return filed(19.04.2023)
The assessee is an individual and derives income mainly from interest and other sources. The return of income under Section 139 of Income Tax Act, 196.....
Tags : Assessment, Interest, Legality
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Interest is compensatory in nature and is parasitic on the principal amount(02.06.2023)
The present appeal has been insinuated under Section 37 of the Arbitration and Conciliation Act, 1996 seeking setting aside of the judgment whereby ob.....
Tags : Award, Interest, Legality
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Intervention of the Court is envisaged only in few circumstances like fraud or bias by the Arbitrators or violation of natural justice(03.10.2017)
The Appellant, in present appeals, has challenged the legality and correctness of the judgment and order passed by High Court of Calcutta. Appellant s.....
Tags : Dispute, Arbitrability, Award, Interest
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Liability to pay advance tax arises only on the accrual of income in the hands of the assessee and not prior(11.07.2023)
The relevant facts in this case are that the assessment proceedings in assessee’s case for A.Y. 2014-15 were completed on. Thereafter, the AO had issu.....
Tags : Interest, Payment, Liability
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Mere reflection of demand on e-filing portal does not absolve Revenue from properly serving the intimation and demand notice(04.01.2024)
In present case, the assessee is a resident corporate entity. The core issue arising for consideration is relating to chargeability of interest under .....
Tags : Assessment, Interest, Legality
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If the Judgment debtor has intimated the decree holder and award amount is available for withdrawal unconditionally, the liability of judgment debtor would cease on the date of deposit(04.09.2023)
By way of present Execution Petitions filed under Section 36 of the Arbitration and Conciliation Act, 1996 ('the A&C Act') read with Order XXI Rule 1 .....
Tags : Award, Execution, Interest
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If a business has been set up, even it has not commenced its activities, then expenditure relatable to said business, including interest expenses should be allowed as deduction(27.09.2023)
The assessee firm has filed its return of income for the assessment year 2015-16 on 30.09.2015 declaring total income of Rs.1,31,50,650. During the co.....
Tags : Disallowance, Interest, Legality
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A person cannot be made to wait indefinitely for possession of flat allotted and is entitled to seek refund of amount paid(02.04.2020)
The Appellant-Builder launched a residential project by the name “Araya Complex” in Sector 62, Golf Course Extension Road, Gurugram. The Respondent- F.....
Tags : Refund, Interest, Entitlement
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A person cannot be made to wait indefinitely for possession of flat allotted and is entitled to seek refund of amount paid(02.04.2019)
The Appellant-Builder launched a residential project by the name “Araya Complex” in Sector 62, Golf Course Extension Road, Gurugram. The Respondent- F.....
Tags : Refund, Interest, Entitlement
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MACT award not classifiable as “income”(02.06.2016)
Compensation awarded by the Motor Accident Claims Tribunal, and interest accruing therefrom, are not subject to TDS (tax-deducted-at-source) and the s.....
Tags : mact, compensation, interest, tds, welfare
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When affairs of Company are being conducted in manner prejudicial to public interest, Tribunal is empowered to replace the existing Management(13.03.2020)
The Union of India moved a Petition under Sections 401/397/398 read with Section 408 of the Companies Act, 1956 (now Section 241(2) read with Section .....
Tags : Report, Public interest, Management, Replacement
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When duty drawback is not paid within a period of three months from the date of filing of claim, the claimant would be entitled to interest in addition to the amount of drawback(05.02.2024)
In present matter, Respondent is a class-I contractor specializing in the field of civil contract works especially funnelling and hydro electric power.....
Tags : Interest, Payment, Direction
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Pension and gratuity are valuable rights and any culpable delay in disbursement thereof must be visited with penalty of payment of interest(15.11.2016)
Respondent was Assistant Store Superintendent with Irrigation Department of State of Uttar Pradesh. He stood retired on 30th June, 2009 on attaining a.....
Tags : Interest
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Arbitration tribunal empowered to recall order ‘in the interest of justice’(08.07.2016)
An arbitration tribunal can exercise its inherent powers to “secure the ends of justice”, the Chhattisdarh High Court said, allowing claims that the t.....
Tags : chhattisgarh, arbitration, order, recall, interest of justice
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Income received by way of interest on compensation or on enhanced compensation shall be chargeable to tax(08.04.2024)
The present appeal involves an examination of the taxability of the interest component, earned on compensation or enhanced compensation, ordered under.....
Tags : Tax, Levy, Interest
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Mere taking of cenvat credit in book of account would not entail interest and penalty unless same is drawn from account of the government by way of refund or utilisation against duty dues(23.01.2019)
Appellant manufactures bright bar of stainless steel, and mild steel and mild steel wire. It has registered under the Central Excise Act. It availed c.....
Tags : Duty demand, Interest, Penalty
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Insurer is liable to pay interest in case of delay beyond the timeline prescribed in Regulation(04.04.2019)
Present Petition under Article 226 of the Constitution of India, seeks a writ of mandamus to Respondent No. 1- Life Insurance Corporation of India (LI.....
Tags : LIC Policy, Payment, Delay, Interest
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Right to residence is not an indefeasible right of residence in shared household especially when the daughter-in-law is pitted against aged father-in-law and mother-in-law(17.05.2021)
In instant case, Parties to the present petition are related to each other in a way that Petitioner is the daughter-in-law and Respondents are her par.....
Tags : Right, Shared household, Beneficial interest
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Unless otherwise agreed by parties, Arbitral Tribunal can award interest at reasonable rate for a period commencing from the date when the cause of action arises till the date of the award(22.04.2021)
The Appellants were awarded a contract by the State of Kerala for upgradation of a State Highway for two stretches, from Muvattupuzha-Thodupuzha and M.....
Tags : Interest, Delayed payment, Entitlement
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Assessing Officer can impose penalty for default in making payment of tax, but same shall not exceed amount of tax in arrears(01.07.2017)
In the present case, Income Tax Return of Respondent-Assessee was processed under Section 143(1) of Income Tax Act, 1961, demand was raised and penalt.....
Tags : Arrears, Tax, Interest, Inclusion
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When there has been devolution of interest during pendency of suit, suit may, by leave of Court, be continued by or against persons upon whom such interest has devolved(10.07.2017)
By present application, challenge is made to order passed by District Judge, whereby appellate Court rejected application of Petitioner under Order XX.....
Tags : Interest, Devolution, Substitution, Entitlement
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Assessee need not to demonstrate commercial expediency in each year concerning a loan transaction(10.07.2023)
In facts of present case, the Assessing Officer (AO) concluded that, the disallowance was mandated in view of the fact that the Respondent/Assessee ha.....
Tags : Assessment, Interest expenses, Disallowance
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Complainant is entitled to delay period interest under Section 18 of the Real Estate (Regulation and Development) Act, 2016(17.07.2023)
Present complaint is filed under Section 18 of the Real Estate (Regulation and Development) Act, 2016 before this Authority against the project SHRIRA.....
Tags : Interest, Delay, Entitlement
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No power under the Employees' State Insurance Act to statutory interest(29.10.2021)
In facts of present case, by a notice dated 6th April 1990, a demand was made by the Insurance Corporation in the sum of Rs.8,01,510 by way of contrib.....
Tags : Interest, Waiver, Entitlement
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