{"id":17443,"date":"2021-05-01T14:31:38","date_gmt":"2021-05-01T09:01:38","guid":{"rendered":"https:\/\/itatonline.org\/digest\/north-american-coal-corporation-india-pvt-ltd-in-re-2021-431-itr-53-aar\/"},"modified":"2021-05-01T14:31:38","modified_gmt":"2021-05-01T09:01:38","slug":"north-american-coal-corporation-india-pvt-ltd-in-re-2021-431-itr-53-aar","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/north-american-coal-corporation-india-pvt-ltd-in-re-2021-431-itr-53-aar\/","title":{"rendered":"North American Coal Corporation India Pvt. Ltd., In Re (2021) 431 ITR 53 (AAR)"},"content":{"rendered":"<p>AAR held\u00a0 that that the invoiced amounts and the foreign rate fluctuation difference was declared as income in financial 2014-15 and the service tax though not recovered from SPL was paid to the credit of Government to avoid demand and penalty and was therefore claimed as business expenditure under section\u00a037\u00a0, or alternatively, as trading loss or bad debt. The amount of Rs.5,19,38,309 comprising the invoice amount and foreign exchange rate fluctuation difference was allowable as bad debt under section\u00a036(1)(vii)\u00a0and service tax paid but not realised was allowable as business expenditure under section\u00a037\u00a0of the Act. As regards Liquidated damages claimed whether revenue or capital as the arbitration award became final\u00a0 dismissal of claim . Question is academic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure &#8211;   Service tax paid to Government through not recovered allowable as business expenditure &#8211;   Difference between invoiced amounts and foreign exchange rate fluctuation declared as income &#8211; Allowable as bad debt- Liquidated damages claimed whether revenue or capital \u2013 Dismissal of claim \u2013 Question is academic [ S.36(1)(vii), 36(2), 43B, 115JB, 245R  ]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17443","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4xl","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17443"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17443\/revisions"}],"predecessor-version":[{"id":17444,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17443\/revisions\/17444"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}