Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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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