Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
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...
Interest expenditure may be deducted against dividend income only to the extent that borrowed funds have a direct nexus with investments generating that income; the extent of such nexus is a factual determination and the balance interest cannot be deducted without supporting evidence. No notional interest is taxable on refundable security deposits for employee residential premises where the deposits serve business purposes and generate no actual income. The High Court also rejected the Revenue's challenges concerning deduction for a new industrial undertaking in existing factory premises and interest and trial-run overheads relating to new machinery, following prior decisions. Questions on closing-stock valuation, including excise-duty treatment, were answered under an earlier High Court ruling.
Interest expenditure may be deducted against dividend income only to the extent that borrowed funds have a direct nexus with investments generating that income; the extent of such nexus is a factual determination and the balance interest cannot be deducted without supporting evidence. No notional interest is taxable on refundable security deposits for employee residential premises where the deposits serve business purposes and generate no actual income. The High Court also rejected the Revenue's challenges concerning deduction for a new industrial undertaking in existing factory premises and interest and trial-run overheads relating to new machinery, following prior decisions. Questions on closing-stock valuation, including excise-duty treatment, were answered under an earlier High Court ruling.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
