Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Disallowing interest expenditure claimed u/s 36(1)(iii) when the assessee firm has interest-free funds and the amount overdrawn by partners. The Tribunal held that since the assessee firm had interest-free funds sufficient to cover the amounts overdrawn by partners, as evident from audited accounts, the disallowance of interest expenditure by the Assessing Officer was unjustified. The Tribunal relied on decisions of the Bombay High Court and its own coordinate Bench, which established that if an assessee has sufficient interest-free funds and advances are made without charging interest, disallowance u/s 36(1)(iii) on such advances for notional interest is not permissible. The Tribunal found no merit in the Revenue's appeal, concluding that the Assessing Officer's adverse inference was a misreading of facts contrary to documented evidence provided by the assessee.
Disallowing interest expenditure claimed u/s 36(1)(iii) when the assessee firm has interest-free funds and the amount overdrawn by partners. The Tribunal held that since the assessee firm had interest-free funds sufficient to cover the amounts overdrawn by partners, as evident from audited accounts, the disallowance of interest expenditure by the Assessing Officer was unjustified. The Tribunal relied on decisions of the Bombay High Court and its own coordinate Bench, which established that if an assessee has sufficient interest-free funds and advances are made without charging interest, disallowance u/s 36(1)(iii) on such advances for notional interest is not permissible. The Tribunal found no merit in the Revenue's appeal, concluding that the Assessing Officer's adverse inference was a misreading of facts contrary to documented evidence provided by the assessee.
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