Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT Indore addressed various issues in the case. Firstly, it ruled that interest on outstanding GST is allowable as a business expenditure, not a penalty, and cannot be disallowed u/s 37(1). Secondly, interest on belated TDS deposit is not an allowable business deduction, akin to income tax liabilities, and was rightly disallowed. Thirdly, adhoc disallowance of traveling expenses by AO was unfounded as no personal element was proven, leading to deletion of the disallowance by CIT(A). The appeal was partly allowed in favor of the assessee.
The ITAT Indore addressed various issues in the case. Firstly, it ruled that interest on outstanding GST is allowable as a business expenditure, not a penalty, and cannot be disallowed u/s 37(1). Secondly, interest on belated TDS deposit is not an allowable business deduction, akin to income tax liabilities, and was rightly disallowed. Thirdly, adhoc disallowance of traveling expenses by AO was unfounded as no personal element was proven, leading to deletion of the disallowance by CIT(A). The appeal was partly allowed in favor of the assessee.
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