Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
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A partnership firm is a separate taxable entity under the Income-tax Act only from the date it comes into existence, so it cannot claim interest expenditure attributable to an earlier period when the business was still a proprietorship concern. The Tribunal held that the firm, having commenced on 15.06.2014, was entitled to deduct expenses only for its own period of existence and not for 01.04.2014 to 14.06.2014. The proportionate disallowance of interest made by the Assessing Officer and upheld in first appeal was therefore sustained. The delay in filing the appeal was condoned on sufficient cause.
A partnership firm is a separate taxable entity under the Income-tax Act only from the date it comes into existence, so it cannot claim interest expenditure attributable to an earlier period when the business was still a proprietorship concern. The Tribunal held that the firm, having commenced on 15.06.2014, was entitled to deduct expenses only for its own period of existence and not for 01.04.2014 to 14.06.2014. The proportionate disallowance of interest made by the Assessing Officer and upheld in first appeal was therefore sustained. The delay in filing the appeal was condoned on sufficient cause.
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