Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
An appellate authority can entertain an alternate deduction claim even without a revised return where the claim is not a fresh item but a request to allow the same interest expenditure under the correct head, and the issue can be examined on existing material. The Tribunal rejected the Revenue's objection based on non-filing of a revised return and upheld admission of the claim in appeal. It also held that interest on borrowed funds remained deductible as business expenditure because the loan had been used for business and that factual finding was not displaced. The disallowance was therefore unsustainable and the Revenue's appeals failed.
An appellate authority can entertain an alternate deduction claim even without a revised return where the claim is not a fresh item but a request to allow the same interest expenditure under the correct head, and the issue can be examined on existing material. The Tribunal rejected the Revenue's objection based on non-filing of a revised return and upheld admission of the claim in appeal. It also held that interest on borrowed funds remained deductible as business expenditure because the loan had been used for business and that factual finding was not displaced. The disallowance was therefore unsustainable and the Revenue's appeals failed.
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