Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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Adjustment of "seized asset" against "existing liability" and levy of "interest u/s 234B" - outer time period of 120 days - The ITAT held that Ld AO miserably failed to adhere to the provisions of section 132B[1] and the CIT [A] is not justified in confirming the interest charged u/s. 234B of the Act for the period up to 15-09-2010. Therefore AO directed to rework the computation in accordance with the provisions of law after providing proper opportunity of hearing to the assessees. - However, ITAT the claim concerning the grant of interest on seized assets u/s 132B(4), agreeing with the lower authorities that FDRs do not qualify as "money" for the purpose of interest entitlement.
Adjustment of "seized asset" against "existing liability" and levy of "interest u/s 234B" - outer time period of 120 days - The ITAT held that Ld AO miserably failed to adhere to the provisions of section 132B[1] and the CIT [A] is not justified in confirming the interest charged u/s. 234B of the Act for the period up to 15-09-2010. Therefore AO directed to rework the computation in accordance with the provisions of law after providing proper opportunity of hearing to the assessees. - However, ITAT the claim concerning the grant of interest on seized assets u/s 132B(4), agreeing with the lower authorities that FDRs do not qualify as "money" for the purpose of interest entitlement.
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