Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
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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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