Declared value for used garments needs reliable comparables; restricted second-hand imports without licence may still attract confiscation and moderat...
Section 43B could not be applied to unpaid GST where the assessee had not debited the liability to the profit and loss account and had not claimed it as expenditure. The Tribunal noted that the appellate order itself recorded no deduction claim, yet the adjustment was sustained on the basis that GST formed part of turnover. It held that, absent a deduction otherwise claimed, there was no legal basis to invoke section 43B in this manner. The disallowance of the unpaid GST liability was therefore deleted.
Section 43B could not be applied to unpaid GST where the assessee had not debited the liability to the profit and loss account and had not claimed it as expenditure. The Tribunal noted that the appellate order itself recorded no deduction claim, yet the adjustment was sustained on the basis that GST formed part of turnover. It held that, absent a deduction otherwise claimed, there was no legal basis to invoke section 43B in this manner. The disallowance of the unpaid GST liability was therefore deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
