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 addressed two key tax issues involving expense disallowance. Regarding bonus expenses under Section 43B, the tribunal directed the Jurisdictional Assessment Officer to allow deductions upon verification of supporting documentary evidence. Concerning interest payments under the MSMED Act, the tribunal found that the CPC's disallowance constituted an improper double disallowance, as the assessee had already self-disallowed the amounts during return filing. The tribunal restored the matter to the assessment officer for appropriate reconsideration, effectively allowing the ground for statistical purposes and preventing redundant tax treatment.
The ITAT addressed two key tax issues involving expense disallowance. Regarding bonus expenses under Section 43B, the tribunal directed the Jurisdictional Assessment Officer to allow deductions upon verification of supporting documentary evidence. Concerning interest payments under the MSMED Act, the tribunal found that the CPC's disallowance constituted an improper double disallowance, as the assessee had already self-disallowed the amounts during return filing. The tribunal restored the matter to the assessment officer for appropriate reconsideration, effectively allowing the ground for statistical purposes and preventing redundant tax treatment.
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