Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income, establishing one-to-one nexus. Addition of Rs 20 lakh unsecured loan from Mr Piyush Kumar deleted as fresh loan of Rs 5 lakh from same party accepted as genuine. Addition u/s 69A on unsecured loans incorrect as AO failed to record satisfaction that assessee owned unexplained money/assets; AO examined loans from angle of s.68 requiring assessee to prove sources instead of invoking s.69A shifting onus on AO. Decided in assessee's favour.
The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income, establishing one-to-one nexus. Addition of Rs 20 lakh unsecured loan from Mr Piyush Kumar deleted as fresh loan of Rs 5 lakh from same party accepted as genuine. Addition u/s 69A on unsecured loans incorrect as AO failed to record satisfaction that assessee owned unexplained money/assets; AO examined loans from angle of s.68 requiring assessee to prove sources instead of invoking s.69A shifting onus on AO. Decided in assessee's favour.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
