Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Interest on delayed statutory payments is treated according to the nature of the underlying liability. Interest on delayed sales tax, VAT, entry tax, service tax and employer's provident fund contributions is compensatory and allowable as business expenditure, while interest on delayed TDS and employees' provident fund contributions is not deductible because those payments do not constitute the assessee's business expenditure. Verification is required to prevent double disallowance where interest has already been included in another disallowed amount. For exempt-income disallowance, expenditure may be disallowed only in relation to investments yielding exempt income; if no exempt income was earned, the additional disallowance does not survive, subject to verification.
Interest on delayed statutory payments is treated according to the nature of the underlying liability. Interest on delayed sales tax, VAT, entry tax, service tax and employer's provident fund contributions is compensatory and allowable as business expenditure, while interest on delayed TDS and employees' provident fund contributions is not deductible because those payments do not constitute the assessee's business expenditure. Verification is required to prevent double disallowance where interest has already been included in another disallowed amount. For exempt-income disallowance, expenditure may be disallowed only in relation to investments yielding exempt income; if no exempt income was earned, the additional disallowance does not survive, subject to verification.
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