Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
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