CS Manish Soni judiciary-2

Upfront payment of interest on debentures is deductible fully in year of payment

M/s Taparia Tools Limited Vs JCIT (Supreme Court of India)

n was judicially held in the case of Bharat Earth Movers Vs. CIT (2000) 6 SCC 645 that if a business liability has arisen in the accounting year, the deduction should be allowed even if such a liability may have to be quantified and discharged at a future date....

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Extended credit period to AE attracts TP adjustment

M/s Goldstar Jewellery Limited Vs Joint Commissioner of Income Tax (ITAT Mumbai)

In this case, the ITAT ruled that extended credit period allowed to the Associated Enterprises ('AE') amounted to short term funding without interest and thus attracted TP adjustment on account of notional interest from such short term funding....

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