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...
ITAT ruled on multiple taxation issues for a cooperative society, primarily addressing status classification and tax liability. The tribunal predominantly decided in favor of the assessee, remitting several grounds back to the Assessing Officer for verification. Key holdings include: rejecting the change of status from cooperative society to banking company, negating dividend distribution tax applicability, partially allowing disallowance of expenditures, and directing recalculation of certain tax additions. The tribunal reduced vehicle expense disallowance from 15% to 10%, set aside various additions pending further verification, and confirmed minimal additions where insufficient evidence was provided. Overall, the decision provided significant relief to the assessee by challenging arbitrary tax assessments and requiring substantive proof for disallowances.
ITAT ruled on multiple taxation issues for a cooperative society, primarily addressing status classification and tax liability. The tribunal predominantly decided in favor of the assessee, remitting several grounds back to the Assessing Officer for verification. Key holdings include: rejecting the change of status from cooperative society to banking company, negating dividend distribution tax applicability, partially allowing disallowance of expenditures, and directing recalculation of certain tax additions. The tribunal reduced vehicle expense disallowance from 15% to 10%, set aside various additions pending further verification, and confirmed minimal additions where insufficient evidence was provided. Overall, the decision provided significant relief to the assessee by challenging arbitrary tax assessments and requiring substantive proof for disallowances.
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