Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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The Appellate Tribunal addressed two key issues. Firstly, it ruled that disallowance of unpaid interest u/s 43B on a loan from the World Bank, advanced by the State Government, was not valid. The Tribunal clarified that interest payable to the State Government or World Bank is not covered u/s 43B, as these entities do not fall under the definition of covered financial institutions. Therefore, the disallowance was directed to be deleted. Secondly, regarding the addition on account of electricity duty u/s 43B, the Tribunal held that the duty collected by the assessee from consumers does not constitute trading receipts. As the duty is collected on behalf of the government and not levied on the assessee, section 43B does not apply. The Tribunal cited a Kerala High Court case, upheld by the Supreme Court, to support this ruling. Thus, the Tribunal decided in favor of the assessee on this issue as well.
The Appellate Tribunal addressed two key issues. Firstly, it ruled that disallowance of unpaid interest u/s 43B on a loan from the World Bank, advanced by the State Government, was not valid. The Tribunal clarified that interest payable to the State Government or World Bank is not covered u/s 43B, as these entities do not fall under the definition of covered financial institutions. Therefore, the disallowance was directed to be deleted. Secondly, regarding the addition on account of electricity duty u/s 43B, the Tribunal held that the duty collected by the assessee from consumers does not constitute trading receipts. As the duty is collected on behalf of the government and not levied on the assessee, section 43B does not apply. The Tribunal cited a Kerala High Court case, upheld by the Supreme Court, to support this ruling. Thus, the Tribunal decided in favor of the assessee on this issue as well.
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