Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The compensation received by the petitioner for diminution in value of ESOPs is a perquisite taxable under the Income-tax Act, 1961, not a capital receipt. To determine the value of the perquisite, the benefit received by the employee from the specified security should be ascertained. Since no payment was made by the petitioner towards ESOPs and the ESOPs continue to be retained, the entire compensation received qualifies as a perquisite liable to be taxed under the head "salaries". The petitioner is not entitled to a 'nil' certificate of deduction of tax at source. Although the basis for the conclusion in the impugned order is flawed, the rejection of the request for a 'nil' certificate is affirmed.
The compensation received by the petitioner for diminution in value of ESOPs is a perquisite taxable under the Income-tax Act, 1961, not a capital receipt. To determine the value of the perquisite, the benefit received by the employee from the specified security should be ascertained. Since no payment was made by the petitioner towards ESOPs and the ESOPs continue to be retained, the entire compensation received qualifies as a perquisite liable to be taxed under the head "salaries". The petitioner is not entitled to a 'nil' certificate of deduction of tax at source. Although the basis for the conclusion in the impugned order is flawed, the rejection of the request for a 'nil' certificate is affirmed.
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