PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT held disallowance of interest on government loans invalid where assessee followed mercantile accounting system. Interest payable on UP Government loans must be recorded despite non-payment, as revenue authorities failed to demonstrate any loan conversion to non-interest bearing status or interest waiver by the government. Without evidence showing loan modification or questioning assessee's consistent accounting method, disallowance contradicts established accounting principles. Interest allowability not determined by loan appropriation, especially when AO did not establish existence of non-interest bearing funds. CIT(A)'s decision sustaining disallowance overturned in assessee's favor, maintaining principle of accounting consistency.
ITAT held disallowance of interest on government loans invalid where assessee followed mercantile accounting system. Interest payable on UP Government loans must be recorded despite non-payment, as revenue authorities failed to demonstrate any loan conversion to non-interest bearing status or interest waiver by the government. Without evidence showing loan modification or questioning assessee's consistent accounting method, disallowance contradicts established accounting principles. Interest allowability not determined by loan appropriation, especially when AO did not establish existence of non-interest bearing funds. CIT(A)'s decision sustaining disallowance overturned in assessee's favor, maintaining principle of accounting consistency.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
