Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
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The ITAT held that unsecured loan amounts received in A.Y. 2020-21 could not be added again under section 68 because the same sums were later forfeited and offered to tax as other income in A.Y. 2023-24. On the factual record, the assessee's computation of income, profit and loss account, and breakup of other income showed that the forfeited loan amounts from the two creditors had already been subjected to tax. Taxing them once more in the year of receipt would create double taxation, so the addition was unsustainable and was deleted.
The ITAT held that unsecured loan amounts received in A.Y. 2020-21 could not be added again under section 68 because the same sums were later forfeited and offered to tax as other income in A.Y. 2023-24. On the factual record, the assessee's computation of income, profit and loss account, and breakup of other income showed that the forfeited loan amounts from the two creditors had already been subjected to tax. Taxing them once more in the year of receipt would create double taxation, so the addition was unsustainable and was deleted.
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