Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The Madras High Court considered the liability to pay Social Welfare Surcharge (SWS) and the use of MEIS/SEIS Scrips for discharging the same. The Court held that notifications u/s 25(1) of the Customs Act do not automatically grant exemption from all levies, requiring a deeper analysis of the notification's substance. Notifications Nos. 24 and 25 of 2015 were found to be limited to customs duty and do not exempt SWS. Debiting duty scrips was deemed a valid mode of discharging duty obligations u/r the Customs Act, contrary to the appellant's argument. The Court clarified that duty need not reach the Consolidated Fund of India for a levy to be valid. The Court upheld the original decision, dismissing the writ appeals.
The Madras High Court considered the liability to pay Social Welfare Surcharge (SWS) and the use of MEIS/SEIS Scrips for discharging the same. The Court held that notifications u/s 25(1) of the Customs Act do not automatically grant exemption from all levies, requiring a deeper analysis of the notification's substance. Notifications Nos. 24 and 25 of 2015 were found to be limited to customs duty and do not exempt SWS. Debiting duty scrips was deemed a valid mode of discharging duty obligations u/r the Customs Act, contrary to the appellant's argument. The Court clarified that duty need not reach the Consolidated Fund of India for a levy to be valid. The Court upheld the original decision, dismissing the writ appeals.
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