Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Section 43B(e) was held inapplicable to interest payable by a co-operative society on deposits from its own members, because the clause covers only interest on loans or advances from the specified institutions. The liability had accrued during the year and was recorded under the governing co-operative law, so the expenditure was allowable on accrual basis under section 37(1). The Tribunal also noted that the assessee's entitlement to deduction under section 80P(2)(a)(i) had already been affirmed, and any enhanced business profits arising from the disallowance would also qualify for deduction under section 80P. The addition was deleted.
Section 43B(e) was held inapplicable to interest payable by a co-operative society on deposits from its own members, because the clause covers only interest on loans or advances from the specified institutions. The liability had accrued during the year and was recorded under the governing co-operative law, so the expenditure was allowable on accrual basis under section 37(1). The Tribunal also noted that the assessee's entitlement to deduction under section 80P(2)(a)(i) had already been affirmed, and any enhanced business profits arising from the disallowance would also qualify for deduction under section 80P. The addition was deleted.
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