Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Denial of CENVAT credit distributed by the Head Office (Input Service Distributor) to a unit during April to June 2012. The denial was based on the ground that the credit was not distributed proportionately among all units based on their respective turnovers, resulting in excess credit distribution to the unit. The key points are: Prior to the amendment effective from 01.04.2016, there was no compulsion on the assessee to distribute the credit proportionately or to all units. Even if the entire credit was distributed to one unit, it cannot be denied. The situation was revenue neutral as the other units paid more duty than the attributed credit. The CESTAT Ahmedabad held that 100% credit availed by the appellant was in order as per the existing CENVAT Credit Rules during the relevant period. Based on judgments, it is settled that even if the credit is distributed to one unit only during the relevant period, it cannot be denied. The impugned order is set aside, and the appeal is allowed.
Denial of CENVAT credit distributed by the Head Office (Input Service Distributor) to a unit during April to June 2012. The denial was based on the ground that the credit was not distributed proportionately among all units based on their respective turnovers, resulting in excess credit distribution to the unit. The key points are: Prior to the amendment effective from 01.04.2016, there was no compulsion on the assessee to distribute the credit proportionately or to all units. Even if the entire credit was distributed to one unit, it cannot be denied. The situation was revenue neutral as the other units paid more duty than the attributed credit. The CESTAT Ahmedabad held that 100% credit availed by the appellant was in order as per the existing CENVAT Credit Rules during the relevant period. Based on judgments, it is settled that even if the credit is distributed to one unit only during the relevant period, it cannot be denied. The impugned order is set aside, and the appeal is allowed.
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