Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
ITAT adjudicated multiple taxation issues, primarily focusing on income computation and disallowances. The tribunal substantially upheld the CIT(A)'s findings, rejecting revenue's contentions across several grounds. Key determinations included: (1) rejecting selective interpretation of audit reports, (2) directing verification of EPF/ECGI disallowances, (3) declining interference with stock shrinkage claims in petroleum sales, (4) rejecting revenue's attempt to tax government loans after 10 years, and (5) maintaining consistent accounting practices. The tribunal emphasized holistic evaluation of financial records, adherence to established accounting principles, and rejected revenue's piecemeal approach to income assessment. Most revenue grounds were dismissed, preserving the assessee's original tax computations.
ITAT adjudicated multiple taxation issues, primarily focusing on income computation and disallowances. The tribunal substantially upheld the CIT(A)'s findings, rejecting revenue's contentions across several grounds. Key determinations included: (1) rejecting selective interpretation of audit reports, (2) directing verification of EPF/ECGI disallowances, (3) declining interference with stock shrinkage claims in petroleum sales, (4) rejecting revenue's attempt to tax government loans after 10 years, and (5) maintaining consistent accounting practices. The tribunal emphasized holistic evaluation of financial records, adherence to established accounting principles, and rejected revenue's piecemeal approach to income assessment. Most revenue grounds were dismissed, preserving the assessee's original tax computations.
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