Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT held that turnover determination for tax rate computation under Finance Act 2018 cannot adopt the definition provided under section 145A of the Income Tax Act. The controversy regarding whether turnover should include excise duty for determining applicable tax rate of 25% or 30% was resolved by following precedent established in Kluber Lubrication India case. The tribunal set aside CIT(A)'s order and directed the Assessing Officer to compute tax at 25% rate, rejecting the CPC ITD portal's computation methodology that would have resulted in higher 30% tax rate for the assessee.
ITAT held that turnover determination for tax rate computation under Finance Act 2018 cannot adopt the definition provided under section 145A of the Income Tax Act. The controversy regarding whether turnover should include excise duty for determining applicable tax rate of 25% or 30% was resolved by following precedent established in Kluber Lubrication India case. The tribunal set aside CIT(A)'s order and directed the Assessing Officer to compute tax at 25% rate, rejecting the CPC ITD portal's computation methodology that would have resulted in higher 30% tax rate for the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
