Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
ITAT allowed the assessee's appeal regarding disallowance of interest expenditure. The AO had disallowed interest claiming funds were diverted for non-business purposes. The assessee, engaged in manufacturing, trading and export of woolen carpets, maintained that interest expenditure in P&L account was exclusively for business purposes related to bank credit limits. Upon examining the ledger accounts, ITAT found that claimed interest expenditure was properly reflected in business accounts and was distinct from personal home loan interest paid to ICICI Bank Ltd. The tribunal concluded that the interest expenditure was legitimately incurred for business purposes, deleted the disallowance, and allowed the appeal in favor of the assessee.
ITAT allowed the assessee's appeal regarding disallowance of interest expenditure. The AO had disallowed interest claiming funds were diverted for non-business purposes. The assessee, engaged in manufacturing, trading and export of woolen carpets, maintained that interest expenditure in P&L account was exclusively for business purposes related to bank credit limits. Upon examining the ledger accounts, ITAT found that claimed interest expenditure was properly reflected in business accounts and was distinct from personal home loan interest paid to ICICI Bank Ltd. The tribunal concluded that the interest expenditure was legitimately incurred for business purposes, deleted the disallowance, and allowed the appeal in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
