Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Regarding the disallowance of late deposit of ESI/PF u/s 36(1)(va), following the Supreme Court's ratio in Checkmate Services, the ITAT allowed the Revenue's ground and upheld the Assessing Officer's addition. Concerning the disallowance on account of sundry creditors, the assessee had written off the credit balances during the subsequent year, and reversing the addition would amount to double taxation; hence, the ITAT dismissed the Revenue's ground. Pertaining to the disallowance of depreciation at 25% on the opening WDV of intellectual property rights, the ITAT held that the merger effectively took place in FY 2013-14, and the assets, including the patented technology's value accepted by the High Court, merged with the assessee company. The Assessing Officer erred by passing the assessment order on a standalone basis despite knowledge of the amalgamation. The tax authorities are bound to consider the assessee's state of affairs as on 01/04/2013, and the return filed reflecting the consolidated balance sheet should have been accepted. The value of the patent technology was accepted by the High Court and the Assessing Officer in the scrutiny proceedings for AY 2014-15. Therefore, the CIT.
Regarding the disallowance of late deposit of ESI/PF u/s 36(1)(va), following the Supreme Court's ratio in Checkmate Services, the ITAT allowed the Revenue's ground and upheld the Assessing Officer's addition. Concerning the disallowance on account of sundry creditors, the assessee had written off the credit balances during the subsequent year, and reversing the addition would amount to double taxation; hence, the ITAT dismissed the Revenue's ground. Pertaining to the disallowance of depreciation at 25% on the opening WDV of intellectual property rights, the ITAT held that the merger effectively took place in FY 2013-14, and the assets, including the patented technology's value accepted by the High Court, merged with the assessee company. The Assessing Officer erred by passing the assessment order on a standalone basis despite knowledge of the amalgamation. The tax authorities are bound to consider the assessee's state of affairs as on 01/04/2013, and the return filed reflecting the consolidated balance sheet should have been accepted. The value of the patent technology was accepted by the High Court and the Assessing Officer in the scrutiny proceedings for AY 2014-15. Therefore, the CIT.
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