Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Accrual of income - Taxability of notional interest income credited by the assessee in his profit and loss account as per the requirement of Indian Accounting Standards - The assessee, a public limited company, had credited interest-free loans to its subsidiary and accounted for "notional interest" in its books. The Revenue challenged this, arguing for its inclusion in taxable income. However, the Appellate Tribunal, after considering submissions from both sides and referring to relevant precedent, ruled in favor of the assessee. It held that since there was no contractual obligation for the debtor to pay interest, the notional interest income did not accrue and should not be taxed.
Accrual of income - Taxability of notional interest income credited by the assessee in his profit and loss account as per the requirement of Indian Accounting Standards - The assessee, a public limited company, had credited interest-free loans to its subsidiary and accounted for "notional interest" in its books. The Revenue challenged this, arguing for its inclusion in taxable income. However, the Appellate Tribunal, after considering submissions from both sides and referring to relevant precedent, ruled in favor of the assessee. It held that since there was no contractual obligation for the debtor to pay interest, the notional interest income did not accrue and should not be taxed.
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