Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The CESTAT ruled that lithium-ion batteries are correctly classified under S. No. 376AA of Schedule III to Notification No. 01/2017-IT (Rate), as amended by Notification No. 19/2018-IT (Rate), attracting 18% IGST rather than 12%. The Tribunal applied the cardinal principle that when statutory language is plain and unambiguous, courts must give effect to the words as written without implication or intendment. However, the demand for interest was set aside following Bombay HC precedent in Mahindra & Mahindra Ltd. v. Union of India, which held that absent specific statutory provisions for interest levy under Section 3 of Customs Tariff Act, 1975 (prior to its amendment on August 16, 2024), such interest cannot be charged.
The CESTAT ruled that lithium-ion batteries are correctly classified under S. No. 376AA of Schedule III to Notification No. 01/2017-IT (Rate), as amended by Notification No. 19/2018-IT (Rate), attracting 18% IGST rather than 12%. The Tribunal applied the cardinal principle that when statutory language is plain and unambiguous, courts must give effect to the words as written without implication or intendment. However, the demand for interest was set aside following Bombay HC precedent in Mahindra & Mahindra Ltd. v. Union of India, which held that absent specific statutory provisions for interest levy under Section 3 of Customs Tariff Act, 1975 (prior to its amendment on August 16, 2024), such interest cannot be charged.
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