Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
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The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld the disallowance of provision for overdue interest claimed by the assessee, finding no infirmity in the CIT(A)'s order. The issue was identical to a previous case decided by the Nagpur Bench of the Tribunal. The Tribunal relied on Section 43D of the Income Tax Act, which permits income by way of interest in relation to bad and doubtful debts to be chargeable to tax as per RBI guidelines. Although Section 43D was made applicable to cooperative banks from the assessment year 2017-18, the Tribunal held that being a beneficial provision, it may be permitted to apply retrospectively. The Tribunal observed that Section 43D, being a non-obstante provision, overrides Section 145 of the Act.
The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld the disallowance of provision for overdue interest claimed by the assessee, finding no infirmity in the CIT(A)'s order. The issue was identical to a previous case decided by the Nagpur Bench of the Tribunal. The Tribunal relied on Section 43D of the Income Tax Act, which permits income by way of interest in relation to bad and doubtful debts to be chargeable to tax as per RBI guidelines. Although Section 43D was made applicable to cooperative banks from the assessment year 2017-18, the Tribunal held that being a beneficial provision, it may be permitted to apply retrospectively. The Tribunal observed that Section 43D, being a non-obstante provision, overrides Section 145 of the Act.
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