Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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...
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The ITAT upheld the FAA's determination that amounts received on sale of MEIS/MLFPS scrips constituted capital receipts, applying the amended definition in section 2(24)(xviii) and relevant judicial precedents; it confirmed the FAA's conclusion that such receipt is not taxable as revenue and cannot be adjusted under section 143(1) for the assessment year in question. Noting that Revenue did not challenge the FAA's non-adjustment finding, the Tribunal found no merit in the Department's appeal and dismissed the appeal. The ITAT therefore affirmed the FAA's order as legally correct and in accordance with law.
The ITAT upheld the FAA's determination that amounts received on sale of MEIS/MLFPS scrips constituted capital receipts, applying the amended definition in section 2(24)(xviii) and relevant judicial precedents; it confirmed the FAA's conclusion that such receipt is not taxable as revenue and cannot be adjusted under section 143(1) for the assessment year in question. Noting that Revenue did not challenge the FAA's non-adjustment finding, the Tribunal found no merit in the Department's appeal and dismissed the appeal. The ITAT therefore affirmed the FAA's order as legally correct and in accordance with law.
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