Cuttuck Tribunal in N.K. Media Ventures 59 taxmann.com 365 following Mumbai Tribunal in Porwal Creative 50 SOT 148 has held that since no TDS return can be filed till payment of tax, no penalty u/S 272A(K) can be levied from due date of filing TDS return till date of tax payment. Although Section 234E had reigned over S. 272A(K) wef 01-07-2012, it contains similar provisions, hence Judgement might become applicable to 234E also-

For educational Institutions being granted approval u/s 10(23C)(vi) (CIRCULAR NO.14/2015 dated 17-08-2015) following postulates put accross:

1. Guidelines of Supreme Court in American Hotel and lodging 301 ITR 86 to be followed.

2. No denial to be made where compliance depends upon events that have not taken place till date of application.

3. Institution granted registration both under S. 12AA and 10(23C)(vi), no automatic withdrawal of approval where 12AA registration cancelled unless conditions under 10(23C) are violated.

4. No withdrawal of approval for accumulation of profit be cause the third Proviso to the said clause clearly provides that accumulation of income is permissible subject to the manner prescribed therein provided such accumulation is to be applied "wholly and exclusively to the objects for which it is established.  

 5.Collection of small and reasonable amounts under different heads of fee, which are essentially in the nature of fee connected with imparting education and do not violate any Central or State regulation does not, in general, represent a profit making activity E.g. application fee, examination fee, fee for issuing transfer certificate, subscription fee for library.    

6. Extra ordinary powers of managing  trustees to appoint other trustee and their heirs also shall not result in denial of approval

Penalty of Rs. 10,000/- u/s 271(1)(b) for not complying with sec. 143(2)couldn't be imposed more than once for same default . The provision of Section 271(1)(b) is of deterrent nature and not for earning revenue. Hence penalty of Rs. 50000 confirmed by CIT (A) reduced to Rs. 10000 by Delhi Tribunal in Smt. Rekha Rani IT APPEAL NO. 6131 (DELHI) OF 2013 DATED 06-05-2015

Where assessee, engaged in business of land developers, borrowed certain amount from financial institutions for its business activity, interest paid on said loan had to be allowed as deduction under section 36(1)(iii)

Modi Builders[2015] 60 taxmann.com 54 (Pune - Trib.) JUNE  26, 2015 

Assessee-firm advanced money to two ladies without interest out of interest bearing funds allegedly to acquire properties for firm in course of business - However, no evidence was produced by assessee to justify its stand - Assessee claimed interest paid on borrowings - Whether since amount advanced out of interest bearing funds was not for business purpose, interest attributable to money advanced to said two ladies could not be allowed as deduction - Held, yes

Akarshan Builders [2015] 60 taxmann.com 138 (Karnataka) DECEMBER  2, 2014 

No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return

The respondent-assessee had originally paid an amount of Rs.54 Lakhs as a consideration for the development agreement in 1995. In the previous year relevant to assessment year, the respondent-assessee received from the vendor an amount of Rs. 1.65 Crores which included an amount of Rs. 54 Lakhs which was originally paid in 1995 by the assessee to the vendor. 

The department imposed tax on the assessee and the assessee accepted the position. However held by Bombay High Court in S.M. Construction [2015] 60 taxmann.com 135 (Bombay) following Supreme Court inCIT v. Reliance Petroproducts (P.) Ltd. [2010] 322 ITR 158/189 Taxman 322 and distinguishing CIT v. Zoom Communication (P.) Ltd. [2010] 327 ITR 510/191 Taxman 179 (Delhi) (para 9)disclosure of Rs. 1.11 Crores which was made by the petitioners as a part of its notes to accounts as well as letter dated 29 October 2005 alongwith its claim of not being taxable was filed along with the Return of Income. Thus there has been a complete disclosure of all facts as held by CIT(A) and the Tribunal