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...
Assessee offered translation gain from revenue transactions for taxation. CIT(A) deleted disallowance of translation gain from merger of branch balance sheet, holding it non-taxable based on ICAI accounting standards and consistency principle. CBDT circular clarified such translation gains/losses are not real income, upheld by Delhi High Court. Excise duty refunds received by assessee were treated as capital receipts by CIT(A), not taxable revenue receipts, based on Gujarat High Court ruling that refunds aimed to promote industries satisfy 'purpose test' for capital nature. ITAT upheld CIT(A)'s decisions on both issues in favor of assessee.
Assessee offered translation gain from revenue transactions for taxation. CIT(A) deleted disallowance of translation gain from merger of branch balance sheet, holding it non-taxable based on ICAI accounting standards and consistency principle. CBDT circular clarified such translation gains/losses are not real income, upheld by Delhi High Court. Excise duty refunds received by assessee were treated as capital receipts by CIT(A), not taxable revenue receipts, based on Gujarat High Court ruling that refunds aimed to promote industries satisfy 'purpose test' for capital nature. ITAT upheld CIT(A)'s decisions on both issues in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
