Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Interest credited under a partnership deed may be allowable when calculated on daily running credit balances, even if opening and closing capital-account balances are debit balances and the credit is recorded through year-end journal entries under the mercantile system. The notes state that detailed account workings, contractual authorisation, recipient income recognition and tax deduction at source negate allegations of fictitious expenditure or income diversion; the related disallowance was deleted. Interest expenditure credited to a lender is also described as not disallowable where Form 16A evidences tax deduction and the recipient has recognised and returned the income; banking-channel payment is not stated to be required for accrued interest. The appeal was partly allowed.
Interest credited under a partnership deed may be allowable when calculated on daily running credit balances, even if opening and closing capital-account balances are debit balances and the credit is recorded through year-end journal entries under the mercantile system. The notes state that detailed account workings, contractual authorisation, recipient income recognition and tax deduction at source negate allegations of fictitious expenditure or income diversion; the related disallowance was deleted. Interest expenditure credited to a lender is also described as not disallowable where Form 16A evidences tax deduction and the recipient has recognised and returned the income; banking-channel payment is not stated to be required for accrued interest. The appeal was partly allowed.
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