Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
