Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
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Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT upheld the Assessing Officer's determination that the assessee's inclusion of revenue from the sale of tradable licenses as "other income" under section 80IB(11A) was improper. The tribunal found that since the licenses were not utilized to offset customs duty on imports, the income derived from their sale did not reduce the cost of production. Consequently, such income could not be excluded from net profits eligible for deduction. The decision distinguished prior precedent relating to direct subsidies, emphasizing that export incentives must directly reduce production costs to qualify. The appeal was dismissed, affirming the disallowance of the deduction claimed on this account.
The ITAT upheld the Assessing Officer's determination that the assessee's inclusion of revenue from the sale of tradable licenses as "other income" under section 80IB(11A) was improper. The tribunal found that since the licenses were not utilized to offset customs duty on imports, the income derived from their sale did not reduce the cost of production. Consequently, such income could not be excluded from net profits eligible for deduction. The decision distinguished prior precedent relating to direct subsidies, emphasizing that export incentives must directly reduce production costs to qualify. The appeal was dismissed, affirming the disallowance of the deduction claimed on this account.
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