Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Disallowance of foreign exchange fluctuation loss on sale proceeds held in the EEFC account - ITAT deleted addition - The High Court, after considering the arguments presented by both parties and referring to the Woodward Governor India case, concluded that the treatment of forex losses should adhere to the principles laid down in income tax law and accounting standards. It emphasized that such losses are considered as an item of expenditure under Section 37(1) of the Income Tax Act. As the issues raised had already been settled by precedent decisions, the Court declined to admit the appeal, affirming the decisions of the ITAT and the coordinate Bench of the Court.
Disallowance of foreign exchange fluctuation loss on sale proceeds held in the EEFC account - ITAT deleted addition - The High Court, after considering the arguments presented by both parties and referring to the Woodward Governor India case, concluded that the treatment of forex losses should adhere to the principles laid down in income tax law and accounting standards. It emphasized that such losses are considered as an item of expenditure under Section 37(1) of the Income Tax Act. As the issues raised had already been settled by precedent decisions, the Court declined to admit the appeal, affirming the decisions of the ITAT and the coordinate Bench of the Court.
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