Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The CESTAT allowed exemption for paints applied on wind mills, considering them an integral part of the wind operated electricity generator, covered under the exemption notification. It rejected the argument that paint is merely an external coating and not a component or part. The Tribunal reasoned that paint acts like skin, essential for protection and integral to the product. Disallowing exemption for paint would be akin to removing skin from a living being. The Tribunal distinguished the Bombay High Court order cited by the Department, stating its limited writ jurisdiction is different from the appellate jurisdiction of CESTAT. The Commissioner's order denying exemption was set aside.
The CESTAT allowed exemption for paints applied on wind mills, considering them an integral part of the wind operated electricity generator, covered under the exemption notification. It rejected the argument that paint is merely an external coating and not a component or part. The Tribunal reasoned that paint acts like skin, essential for protection and integral to the product. Disallowing exemption for paint would be akin to removing skin from a living being. The Tribunal distinguished the Bombay High Court order cited by the Department, stating its limited writ jurisdiction is different from the appellate jurisdiction of CESTAT. The Commissioner's order denying exemption was set aside.
Note: It is a system-generated summary and is for quick reference only.
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TaxTMI 
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