Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
The ITAT sustained disallowance of proportionate interest on interest-free advances to sister concerns because the assessee failed to show a direct nexus between borrowed funds and business purpose. It accepted that interest relating to assets not put to use must be capitalised, but remanded that issue to the Assessing Officer for factual verification of the assessee's suo motu disallowance. It also upheld disallowance under section 40(a)(ia), holding that the provision applies to both amounts paid and amounts payable during the year without tax deduction at source. The additional ground on conversion charges, including related interest, was rejected as inadmissible and lacking merit.
The ITAT sustained disallowance of proportionate interest on interest-free advances to sister concerns because the assessee failed to show a direct nexus between borrowed funds and business purpose. It accepted that interest relating to assets not put to use must be capitalised, but remanded that issue to the Assessing Officer for factual verification of the assessee's suo motu disallowance. It also upheld disallowance under section 40(a)(ia), holding that the provision applies to both amounts paid and amounts payable during the year without tax deduction at source. The additional ground on conversion charges, including related interest, was rejected as inadmissible and lacking merit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
