Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
Interest liability accrued on a soft loan advanced by the State Government under an agreement was disallowed as an unascertained liability under section 37. Applying the mercantile system, interest became payable and had to be provided in the accounts notwithstanding that repayment had not commenced due to non-withdrawal of the full sanctioned amount. Since the loan was admittedly obtained and interest was contractually chargeable, the interest provision constituted an ascertained liability and could not be disallowed under section 37. The deduction for interest so provided was directed to be allowed, and the appeal was allowed. - ITAT
Interest liability accrued on a soft loan advanced by the State Government under an agreement was disallowed as an unascertained liability under section 37. Applying the mercantile system, interest became payable and had to be provided in the accounts notwithstanding that repayment had not commenced due to non-withdrawal of the full sanctioned amount. Since the loan was admittedly obtained and interest was contractually chargeable, the interest provision constituted an ascertained liability and could not be disallowed under section 37. The deduction for interest so provided was directed to be allowed, and the appeal was allowed. - ITAT
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