Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
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The ITAT held that interest paid under Section 50(3) of the GST Act is compensatory, not penal, and thus deductible under Section 37(1) of the Income Tax Act. The disallowance of such interest by the AO and CIT(A) was set aside. Regarding disallowance under Section 36(1)(iii) for interest on advances, the Tribunal found no established nexus between borrowed funds and interest-free advances, relying on the presumption that advances were made from interest-free funds supported by financial statements. The AO's reliance on statements without proper fund tracing was insufficient. Consequently, the disallowance under Section 36(1)(iii) was also deleted.
The ITAT held that interest paid under Section 50(3) of the GST Act is compensatory, not penal, and thus deductible under Section 37(1) of the Income Tax Act. The disallowance of such interest by the AO and CIT(A) was set aside. Regarding disallowance under Section 36(1)(iii) for interest on advances, the Tribunal found no established nexus between borrowed funds and interest-free advances, relying on the presumption that advances were made from interest-free funds supported by financial statements. The AO's reliance on statements without proper fund tracing was insufficient. Consequently, the disallowance under Section 36(1)(iii) was also deleted.
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