Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
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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