Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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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