Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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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