Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
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The High Court held that the deduction u/s 33AC for creating a reserve to acquire new ships must be factored in while computing the deduction u/s 80-I, which is based on profits from operating ships. The amendment in 1996 capping the Section 33AC deduction at 50% of profits did not change the core character of the allowance. If the Section 33AC deduction results in no profits from ships, the Section 80-I deduction cannot be claimed. Regarding proportionate allocation of the Section 33AC deduction between qualifying and non-qualifying ships for Section 80-I purposes, the High Court stated that it cannot provide its own basis for apportionment as an appellate forum.
The High Court held that the deduction u/s 33AC for creating a reserve to acquire new ships must be factored in while computing the deduction u/s 80-I, which is based on profits from operating ships. The amendment in 1996 capping the Section 33AC deduction at 50% of profits did not change the core character of the allowance. If the Section 33AC deduction results in no profits from ships, the Section 80-I deduction cannot be claimed. Regarding proportionate allocation of the Section 33AC deduction between qualifying and non-qualifying ships for Section 80-I purposes, the High Court stated that it cannot provide its own basis for apportionment as an appellate forum.
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TaxTMI 
TaxTMI 
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