Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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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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