Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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.
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