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...
The HC dismissed Revenue's appeal and upheld the Tribunal's orders: it affirmed that, in light of the SC precedent, the assessee is entitled to deduction under s.80IA(4) for power generated for captive consumption and that the market value may be determined by reference to comparable State Electricity Board rates, yielding a higher deduction where profits are higher. On interest disallowances under s.36(1)(iii) and s.14A, the HC agreed with the Tribunal that the blanket 10% disallowance was impermissible where borrowed funds were not shown to finance dividend-earning investments, and sustained the Tribunal's factual disallowance of Rs.91.80 lakh; it also accepted the consensual Rs.5 lakh disallowance in respect of other administrative expenses.
The HC dismissed Revenue's appeal and upheld the Tribunal's orders: it affirmed that, in light of the SC precedent, the assessee is entitled to deduction under s.80IA(4) for power generated for captive consumption and that the market value may be determined by reference to comparable State Electricity Board rates, yielding a higher deduction where profits are higher. On interest disallowances under s.36(1)(iii) and s.14A, the HC agreed with the Tribunal that the blanket 10% disallowance was impermissible where borrowed funds were not shown to finance dividend-earning investments, and sustained the Tribunal's factual disallowance of Rs.91.80 lakh; it also accepted the consensual Rs.5 lakh disallowance in respect of other administrative expenses.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
