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...
Disallowance of interest u/s 36(1)(iii) - Interest free loans granted - The Co-ordinate Bench of the Tribunal had previously ruled in favor of the assessee on a similar issue, highlighting that no disallowance can be made for amounts paid to parties in earlier years, which were standing as loans and advances. The Tribunal also emphasized that the concept of "commercial expediency" is crucial, and no disallowance can be made under Section 36(1)(iii) for amounts advanced for commercial reasons.
Disallowance of interest u/s 36(1)(iii) - Interest free loans granted - The Co-ordinate Bench of the Tribunal had previously ruled in favor of the assessee on a similar issue, highlighting that no disallowance can be made for amounts paid to parties in earlier years, which were standing as loans and advances. The Tribunal also emphasized that the concept of "commercial expediency" is crucial, and no disallowance can be made under Section 36(1)(iii) for amounts advanced for commercial reasons.
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