Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Disallowance of CENVAT credit claimed by the appellant on various inputs and input services. The key points are: The credit was denied as the inputs and services did not qualify u/rs 2(k) and 2(l) of the CENVAT Credit Rules, 2004, due to the exclusion clauses. The decisions cited by the appellant were not relevant. The Bombay High Court and Supreme Court affirmed that goods/services excluded under the definition cannot be covered by referring to the main clause. Regarding construction materials, they fall under the exclusion clause for goods used for building construction. The appellant failed to prove the activities were for renovation/repair of an existing factory, as required for the inclusion clause. The credit on security and manpower services after production commenced was allowed, as it could not be attributed to factory setup. The demand needs re-determination, and the penalty u/r 15(1) was set aside, with the appeal partly allowed.
Disallowance of CENVAT credit claimed by the appellant on various inputs and input services. The key points are: The credit was denied as the inputs and services did not qualify u/rs 2(k) and 2(l) of the CENVAT Credit Rules, 2004, due to the exclusion clauses. The decisions cited by the appellant were not relevant. The Bombay High Court and Supreme Court affirmed that goods/services excluded under the definition cannot be covered by referring to the main clause. Regarding construction materials, they fall under the exclusion clause for goods used for building construction. The appellant failed to prove the activities were for renovation/repair of an existing factory, as required for the inclusion clause. The credit on security and manpower services after production commenced was allowed, as it could not be attributed to factory setup. The demand needs re-determination, and the penalty u/r 15(1) was set aside, with the appeal partly allowed.
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