Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
ITAT held that customs duty paid under protest is a statutory liability allowable as deduction u/s 43B in the year of actual payment, irrespective of the year in which the liability was incurred. Once customs authorities order clearance of goods, the liability is deemed to have accrued in the year of payment. The Tribunal noted that the assessee had offered to tax, in AY 2020-21, the refund received pursuant to such payment, and sustaining the disallowance would result in double taxation. Accordingly, the adjustment u/s 143(1)(a)(iv) was deleted and the assessee's appeals were allowed.
ITAT held that customs duty paid under protest is a statutory liability allowable as deduction u/s 43B in the year of actual payment, irrespective of the year in which the liability was incurred. Once customs authorities order clearance of goods, the liability is deemed to have accrued in the year of payment. The Tribunal noted that the assessee had offered to tax, in AY 2020-21, the refund received pursuant to such payment, and sustaining the disallowance would result in double taxation. Accordingly, the adjustment u/s 143(1)(a)(iv) was deleted and the assessee's appeals were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
