Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The appellant, a coal handling contractor, was allowed to adjust the excess service tax paid on account of credit notes issued to service receivers for quality and quantity variances of coal handled by them. The Tribunal held that the credit notes were rightly issued against the invoices for handling services, as the deviations in coal quality/quantity were attributable to the handling process under the appellant's responsibility after unloading at the destination port. The reduction of taxable value through credit notes aligned with Section 67 of the Finance Act, 1994, and the excess tax paid was eligible for adjustment against other liabilities u/r 6. The demand raised by the adjudicating authority was set aside as legally and factually incorrect.
The appellant, a coal handling contractor, was allowed to adjust the excess service tax paid on account of credit notes issued to service receivers for quality and quantity variances of coal handled by them. The Tribunal held that the credit notes were rightly issued against the invoices for handling services, as the deviations in coal quality/quantity were attributable to the handling process under the appellant's responsibility after unloading at the destination port. The reduction of taxable value through credit notes aligned with Section 67 of the Finance Act, 1994, and the excess tax paid was eligible for adjustment against other liabilities u/r 6. The demand raised by the adjudicating authority was set aside as legally and factually incorrect.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
