ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
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...
CESTAT dismissed the second rectification application as not maintainable and sustained the revenue's objection. The Tribunal held that where a rectification petition filed by one party has been considered and decided by the Tribunal under s.254(2) of the Income Tax Act, a subsequent rectification by either party on the same issue (here, eligibility for SSI threshold exemption) cannot be entertained; a second rectification is permissible only in respect of matters not earlier adjudicated in any rectification application by either party. Consequently, the second rectification was rejected and the application was dismissed.
CESTAT dismissed the second rectification application as not maintainable and sustained the revenue's objection. The Tribunal held that where a rectification petition filed by one party has been considered and decided by the Tribunal under s.254(2) of the Income Tax Act, a subsequent rectification by either party on the same issue (here, eligibility for SSI threshold exemption) cannot be entertained; a second rectification is permissible only in respect of matters not earlier adjudicated in any rectification application by either party. Consequently, the second rectification was rejected and the application was dismissed.
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