Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT upheld in part the AO's disallowance: where the assessee borrowed at 12% and advanced interest-bearing loans at 5% to five related entities, a 7% interest disallowance is warranted and the AO is directed to compute and quantify that disallowance. For other advances, the ITAT required the assessee to produce a cash-flow statement and full particulars of loans squared-off to enable the AO to segregate interest-bearing funds from interest-free funds; disallowance is to be computed only to the extent interest-bearing funds were advanced interest-free. The AO must also reassess interest under section 234A only from the extended filing due date.
The ITAT upheld in part the AO's disallowance: where the assessee borrowed at 12% and advanced interest-bearing loans at 5% to five related entities, a 7% interest disallowance is warranted and the AO is directed to compute and quantify that disallowance. For other advances, the ITAT required the assessee to produce a cash-flow statement and full particulars of loans squared-off to enable the AO to segregate interest-bearing funds from interest-free funds; disallowance is to be computed only to the extent interest-bearing funds were advanced interest-free. The AO must also reassess interest under section 234A only from the extended filing due date.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
