Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT quashed reassessment notices u/s 148 for AY 2014-15 and 2016-17 as time-barred, finding the notices were issued beyond the prescribed limitation period. The tribunal held that interest expenditure incurred for business purposes must be fully deducted in the year of expenditure, rejecting the AO's attempt to apportion interest between sales and work-in-progress. Applying the percentage of completion method and relying on ICDS IX provisions, the tribunal concluded that once development plans are obtained and units can be sold, interest capitalization ceases. The tribunal emphasized that when ICDS provisions conflict with the Income Tax Act, the Act's provisions prevail. Consequently, the revenue's appeal was dismissed, allowing the full interest expenditure deduction for the assessee.
The ITAT quashed reassessment notices u/s 148 for AY 2014-15 and 2016-17 as time-barred, finding the notices were issued beyond the prescribed limitation period. The tribunal held that interest expenditure incurred for business purposes must be fully deducted in the year of expenditure, rejecting the AO's attempt to apportion interest between sales and work-in-progress. Applying the percentage of completion method and relying on ICDS IX provisions, the tribunal concluded that once development plans are obtained and units can be sold, interest capitalization ceases. The tribunal emphasized that when ICDS provisions conflict with the Income Tax Act, the Act's provisions prevail. Consequently, the revenue's appeal was dismissed, allowing the full interest expenditure deduction for the assessee.
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