Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
Independent professional certification requires pleaded knowledge or complicity for criminal liability; untimely complaints remain barred by limitatio...
Profits of the SEZ manufacturing unit were excluded from book profit for AY 2011-12 because the withdrawal of the MAT exclusion operated prospectively from 1 April 2012. Disallowance under section 14A was confined to the amount of exempt income. Claims for deduction under section 10AA on alleged SEZ trading and manufacturing activities failed because the assessee did not produce credible evidence that the eligible operations were actually carried on, and exemption conditions had to be strictly proved. The Tribunal also upheld additions for cessation of trading liability under section 41(1) and unexplained sundry creditors under section 68 for want of proof of subsisting liabilities, identity, creditworthiness and genuineness.
Profits of the SEZ manufacturing unit were excluded from book profit for AY 2011-12 because the withdrawal of the MAT exclusion operated prospectively from 1 April 2012. Disallowance under section 14A was confined to the amount of exempt income. Claims for deduction under section 10AA on alleged SEZ trading and manufacturing activities failed because the assessee did not produce credible evidence that the eligible operations were actually carried on, and exemption conditions had to be strictly proved. The Tribunal also upheld additions for cessation of trading liability under section 41(1) and unexplained sundry creditors under section 68 for want of proof of subsisting liabilities, identity, creditworthiness and genuineness.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
