Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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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