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    August 5, 2026   Case LawsCustoms
    Actual user conditions prohibit disguised sales of duty-free inputs through arrangements labelled as job work.
    August 5, 2026   Case LawsCustoms
    Abetment of attempted export requires proven positive assistance or knowledge; penalties cannot rest on unsupported allegations of concealment.
    August 5, 2026   Case LawsIBC
    Unsubmitted arbitral award claims are extinguished by approved resolution plans, while court-deposited security remains the corporate debtor's asset.
    August 5, 2026   Case LawsIBC
    Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
    August 5, 2026   Case LawsIBC
    Pre-existing operational debt dispute and post-admission settlement led to reversal of CIRP admission and closure of insolvency proceedings.
    August 5, 2026   Case LawsCentral Excise
    Poultry cage components classification restored as parts of poultry-keeping machinery rather than iron and steel structural goods.
    August 5, 2026   Case LawsIndian Laws
    Admitted cheque signatures raise debt presumptions, while revisional courts cannot reassess concurrent evidence without material jurisdictional error.
    August 4, 2026   CircularsDGFT
    Tariff rate quota applications under India-Oman CEPA open with product-specific documentation requirements for eligible imports.
    August 4, 2026   CircularsDGFT
    Standard Input Output Norms for chemical and pharmaceutical exports enable direct Advance Authorisations and uniform input entitlement assessment.
    August 4, 2026   CircularsCustoms
    SCMTR-only manifest filing replaces supplementary IGM and EGM processes at New Mangalore and Karwar Ports.
    August 4, 2026   Case LawsGST
    Doctrine of merger does not arise from SLP dismissal, while challenges remain premature until remanded issues are decided.
    August 4, 2026   Case LawsGST
    Jurisdictional challenges to GST adjudication may bypass alternative remedies, requiring the adjudicating authority to decide its competence first.
    August 4, 2026   Case LawsGST
    Correction of export shipping bill errors permits consequential GST return rectification, subject to lawful assessment and verification.
    August 4, 2026   Case LawsGST
    Portal-only upload is not valid service, so ex parte proceedings require restoration and appellate limitation remains untriggered.
    August 4, 2026   Case LawsGST
    Input tax credit pass-through in ongoing housing projects covers all eligible buyers, with recipient-specific refunds and interest payable.
    August 4, 2026   Case LawsGST
    Prospective pre-deposit requirement cannot restrict admission of penalty-only GST appeals arising before the proviso took effect.
    August 4, 2026   Case LawsIncome Tax
    Co-operative investment income and balance additional depreciation claims succeeded, with milk cans recognised as eligible plant and machinery.
    August 4, 2026   Case LawsIncome Tax
    Bogus purchase disallowance limited to embedded profit where sales and books remain accepted; reassessment procedure upheld.
    August 4, 2026   Case LawsIncome Tax
    Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
    August 4, 2026   Case LawsIncome Tax
    Sole testamentary trusts fall outside maximum marginal rate taxation despite assessment as an association of persons.
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    August 5, 2026   Case Laws Customs
    Actual user conditions prohibit disguised sales of duty-free inputs through arrangements labelled as job work.
    August 5, 2026   Case Laws Customs
    Abetment of attempted export requires proven positive assistance or knowledge; penalties cannot rest on unsupported allegations of concealment.
    August 5, 2026   Case Laws IBC
    Unsubmitted arbitral award claims are extinguished by approved resolution plans, while court-deposited security remains the corporate debtor's asset.
    August 5, 2026   Case Laws IBC
    Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration.
    August 5, 2026   Case Laws IBC
    Pre-existing operational debt dispute and post-admission settlement led to reversal of CIRP admission and closure of insolvency proceedings.
    August 5, 2026   Case Laws Central Excise
    Poultry cage components classification restored as parts of poultry-keeping machinery rather than iron and steel structural goods.
    August 5, 2026   Case Laws Indian Laws
    Admitted cheque signatures raise debt presumptions, while revisional courts cannot reassess concurrent evidence without material jurisdictional error.
    August 4, 2026   Circulars DGFT
    Tariff rate quota applications under India-Oman CEPA open with product-specific documentation requirements for eligible imports.
    August 4, 2026   Circulars DGFT
    Standard Input Output Norms for chemical and pharmaceutical exports enable direct Advance Authorisations and uniform input entitlement assessment.
    August 4, 2026   Circulars Customs
    SCMTR-only manifest filing replaces supplementary IGM and EGM processes at New Mangalore and Karwar Ports.
    August 4, 2026   Case Laws GST
    Doctrine of merger does not arise from SLP dismissal, while challenges remain premature until remanded issues are decided.
    August 4, 2026   Case Laws GST
    Jurisdictional challenges to GST adjudication may bypass alternative remedies, requiring the adjudicating authority to decide its competence first.
    August 4, 2026   Case Laws GST
    Correction of export shipping bill errors permits consequential GST return rectification, subject to lawful assessment and verification.
    August 4, 2026   Case Laws GST
    Portal-only upload is not valid service, so ex parte proceedings require restoration and appellate limitation remains untriggered.
    August 4, 2026   Case Laws GST
    Input tax credit pass-through in ongoing housing projects covers all eligible buyers, with recipient-specific refunds and interest payable.
    August 4, 2026   Case Laws GST
    Prospective pre-deposit requirement cannot restrict admission of penalty-only GST appeals arising before the proviso took effect.
    August 4, 2026   Case Laws Income Tax
    Co-operative investment income and balance additional depreciation claims succeeded, with milk cans recognised as eligible plant and machinery.
    August 4, 2026   Case Laws Income Tax
    Bogus purchase disallowance limited to embedded profit where sales and books remain accepted; reassessment procedure upheld.
    August 4, 2026   Case Laws Income Tax
    Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the claim.
    August 4, 2026   Case Laws Income Tax
    Sole testamentary trusts fall outside maximum marginal rate taxation despite assessment as an association of persons.

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      Home› Highlights › Income Tax › 2024 › August, 2024 › This
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      Income Tax

      Addition of interest on interest free loans advanced by assessee...

      Disallowed interest on interest-free loans to related parties. Onus on assessee to prove commercial expediency. Failed to justify.

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      Income TaxAugust 12, 2024Case LawsAT
      Addition of interest on interest free loans advanced by assessee Company to sister concerns/related parties disallowed. Onus on assessee to prove commercial expediency for advances taken interest free from related parties. Assessee failed to substantiate commercial expediency for interest free advance to related party M/s. Diehard Dies Pvt. Limited. CIT(A) erred in considering transaction arose out of business/commercial expediency. Order of CIT(A) set aside, restoring AO's order. Revenue's appeal allowed.
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