Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
The ITAT held that the disallowance under section 43B, based on the tax auditor's report alleging unpaid GST liability, was unsustainable. The assessee had adjusted the GST payable against input tax credit before the due date for filing the return, and the GST was not routed through the profit and loss account. Following precedents, since the liability was neither claimed as a deduction nor debited as an expense, section 43B did not apply. The tribunal found the auditor's report factually incorrect regarding non-payment before the due date. Consequently, the addition made by the CIT(A) was deleted, and the assessee's appeal was allowed.
The ITAT held that the disallowance under section 43B, based on the tax auditor's report alleging unpaid GST liability, was unsustainable. The assessee had adjusted the GST payable against input tax credit before the due date for filing the return, and the GST was not routed through the profit and loss account. Following precedents, since the liability was neither claimed as a deduction nor debited as an expense, section 43B did not apply. The tribunal found the auditor's report factually incorrect regarding non-payment before the due date. Consequently, the addition made by the CIT(A) was deleted, and the assessee's appeal was allowed.
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