Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The ITAT upheld the CIT(A)/NFAC orders and dismissed the Revenue's appeals. The Tribunal held that denial of deduction under s.35(2AB) for non-production of Form 3CM was a procedural lapse where DSIR recognition subsisted and post-assessment Form 3CL cured the defect, warranting allowance of the weighted deduction. The Tribunal allowed the s.80-IC claim made in appellate proceedings, accepted CSR expenditure as deductible under s.80G, and treated ROC fees, stamp duty and listing fees for bonus issues as revenue expenditure. Consistent accounting for duty drawback was affirmed and no excess deduction under s.35(1)(iv) was found; all Revenue grounds were dismissed.
The ITAT upheld the CIT(A)/NFAC orders and dismissed the Revenue's appeals. The Tribunal held that denial of deduction under s.35(2AB) for non-production of Form 3CM was a procedural lapse where DSIR recognition subsisted and post-assessment Form 3CL cured the defect, warranting allowance of the weighted deduction. The Tribunal allowed the s.80-IC claim made in appellate proceedings, accepted CSR expenditure as deductible under s.80G, and treated ROC fees, stamp duty and listing fees for bonus issues as revenue expenditure. Consistent accounting for duty drawback was affirmed and no excess deduction under s.35(1)(iv) was found; all Revenue grounds were dismissed.
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