PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Dominant issue: Whether disallowance under section 36(1)(iii) for alleged diversion of funds is justified. Reasoning: Tribunal found admitted interest receipts from partners and that the assessee charged interest on partners' debit balances, which compensates use of funds; there was also acceptance of availability of substantial interest-free funds and no nexus established between borrowed funds and alleged non-business advances. Legal basis: s.36(1)(iii) requires proof of diversion of borrowed funds for non-business purposes. Outcome: Disallowance under s.36(1)(iii) was unsustainable and the assessee's appeal is allowed. - ITAT
Dominant issue: Whether disallowance under section 36(1)(iii) for alleged diversion of funds is justified. Reasoning: Tribunal found admitted interest receipts from partners and that the assessee charged interest on partners' debit balances, which compensates use of funds; there was also acceptance of availability of substantial interest-free funds and no nexus established between borrowed funds and alleged non-business advances. Legal basis: s.36(1)(iii) requires proof of diversion of borrowed funds for non-business purposes. Outcome: Disallowance under s.36(1)(iii) was unsustainable and the assessee's appeal is allowed. - ITAT
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