Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
The tribunal addressed deductibility of interest expenditure claimed under Income from Other Sources, applying the intention-and-nexus test: expenditure is deductible if laid out wholly and exclusively for earning that income. Factually, borrowings were advanced as loans that generated interest income, confirmations, ledger entries and income computation established a proximate nexus, and remand proceedings produced no adverse finding on genuineness. CIT(A)s disallowance for lack of documentary linkage was held unsustainable. Reliance on precedent affirming intent over actual earning was distinguished as inapplicable here because income was in fact earned and taxed; the appeal allowing the deduction was allowed.
The tribunal addressed deductibility of interest expenditure claimed under Income from Other Sources, applying the intention-and-nexus test: expenditure is deductible if laid out wholly and exclusively for earning that income. Factually, borrowings were advanced as loans that generated interest income, confirmations, ledger entries and income computation established a proximate nexus, and remand proceedings produced no adverse finding on genuineness. CIT(A)s disallowance for lack of documentary linkage was held unsustainable. Reliance on precedent affirming intent over actual earning was distinguished as inapplicable here because income was in fact earned and taxed; the appeal allowing the deduction was allowed.
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