Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The appellants' contention that pool lifting charges do not add value to the marketability of vehicles is unacceptable. The Tribunal's decision in Victory Electricals Ltd. case established that the resultant price after deducting liquidated damages or penalties from the agreed price constitutes the "transaction value" liable for excise duty. Regarding the extended period of limitation and penalty, various show cause notices were issued based on the same financial records. If the department overlooked certain issues earlier, the appellants cannot be blamed, and the extended period cannot be invoked. Imposing penalty without "mens rea" in transaction matters is against settled legal principles. Therefore, the demand is restricted to the normal period, penalty set aside, but interest on confirmed duty for the normal period is payable. The appeals are partly allowed.
The appellants' contention that pool lifting charges do not add value to the marketability of vehicles is unacceptable. The Tribunal's decision in Victory Electricals Ltd. case established that the resultant price after deducting liquidated damages or penalties from the agreed price constitutes the "transaction value" liable for excise duty. Regarding the extended period of limitation and penalty, various show cause notices were issued based on the same financial records. If the department overlooked certain issues earlier, the appellants cannot be blamed, and the extended period cannot be invoked. Imposing penalty without "mens rea" in transaction matters is against settled legal principles. Therefore, the demand is restricted to the normal period, penalty set aside, but interest on confirmed duty for the normal period is payable. The appeals are partly allowed.
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