https://www.taxtmi.com/caselaws?id=754077 ITAT Jaipur ruled in favor of the assessee on two issues. First, disallowance of unpaid interest under Section 43B on World Bank loan was deleted as neither State Government nor World Bank falls under specified financial institutions covered by Section 43B clauses. Second, addition of electricity duty under Section 43B was deleted as assessee merely collected duty from consumers on behalf of Rajasthan Government, not as tax imposed on assessee. Section 43B applies only to amounts payable to sovereign qua sovereign, not qua principal. en-us Thu, 30 May 2024 00:00:00 +0530 Mon, 17 Jun 2024 08:45:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754077 ITAT Jaipur ruled in favor of the assessee on two issues. First, disallowance of unpaid interest under Section 43B on World Bank loan was deleted as neither State Government nor World Bank falls under specified financial institutions covered by Section 43B clauses. Second, addition of electricity duty under Section 43B was deleted as assessee merely collected duty from consumers on behalf of Rajasthan Government, not as tax imposed on assessee. Section 43B applies only to amounts payable to sovereign qua sovereign, not qua principal. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754077