Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
Customs Broker licence proceedings require accurate procedural facts before delay or natural-justice findings can justify setting aside regulatory act...
Provisional assessment finalisation must precede export duty recovery, while redemption fine fails for goods already exported and unavailable for conf...
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Section 43B of the Income Tax Act disallows certain deductions for unpaid statutory dues like interest, tax, duty, etc. The key points are: Unpaid interest on loans from World Bank or State Government is not covered u/s 43B clauses (d), (da), or (e) as these clauses are specific to interest payable to financial institutions, NBFCs, and banks. Explanation 4 to Section 43B clarifies the institutions covered, excluding World Bank and State Government. Therefore, disallowance of unpaid interest on World Bank loan is not justified u/s 43B. Regarding electricity duty collected from consumers, it is not a tax or duty levied on the assessee but part of the commercial transaction of electricity supply. Section 43B is not applicable as the duty is not imposed on the assessee but collected from consumers and remitted to the government. The assessee's appeal is allowed, following the Kerala High Court ruling that Section 43B deals with amounts payable to the sovereign qua sovereign, not qua principal.
Section 43B of the Income Tax Act disallows certain deductions for unpaid statutory dues like interest, tax, duty, etc. The key points are: Unpaid interest on loans from World Bank or State Government is not covered u/s 43B clauses (d), (da), or (e) as these clauses are specific to interest payable to financial institutions, NBFCs, and banks. Explanation 4 to Section 43B clarifies the institutions covered, excluding World Bank and State Government. Therefore, disallowance of unpaid interest on World Bank loan is not justified u/s 43B. Regarding electricity duty collected from consumers, it is not a tax or duty levied on the assessee but part of the commercial transaction of electricity supply. Section 43B is not applicable as the duty is not imposed on the assessee but collected from consumers and remitted to the government. The assessee's appeal is allowed, following the Kerala High Court ruling that Section 43B deals with amounts payable to the sovereign qua sovereign, not qua principal.
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