Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
ITAT partially allowed the appeal, holding that the transaction with Kamineni Health Care Pvt. Ltd. was an investment, not a loan, thereby deleting the disallowance of interest expenses. For the loan to United Steel Allied Ind Private Limited, the Tribunal upheld the CIT(A)'s view, directing the AO to levy interest for the actual loan period. The Tribunal found the assessee failed to substantiate claims of commercial exigency or business connection between the companies, thus treating the advances as loans under section 36(1)(iii) of the Income Tax Act. The appeal was consequently partly allowed with specific directions to the Assessing Officer.
ITAT partially allowed the appeal, holding that the transaction with Kamineni Health Care Pvt. Ltd. was an investment, not a loan, thereby deleting the disallowance of interest expenses. For the loan to United Steel Allied Ind Private Limited, the Tribunal upheld the CIT(A)'s view, directing the AO to levy interest for the actual loan period. The Tribunal found the assessee failed to substantiate claims of commercial exigency or business connection between the companies, thus treating the advances as loans under section 36(1)(iii) of the Income Tax Act. The appeal was consequently partly allowed with specific directions to the Assessing Officer.
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