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...
The HC held that a 100% EOU may discharge liability for countervailing duty at debonding by utilization of legitimately accumulated Cenvat credit; the tribunal's contrary demand for payment in cash was rejected. The tribunal had relied on an interim ruling of this HC in a prior matter, which has since been rendered final, and that precedent governs the present controversy. Consequently, the appellant's challenge to the tribunal's reliance on the HC precedent fails and the appeal is dismissed with parties to bear their own costs.
The HC held that a 100% EOU may discharge liability for countervailing duty at debonding by utilization of legitimately accumulated Cenvat credit; the tribunal's contrary demand for payment in cash was rejected. The tribunal had relied on an interim ruling of this HC in a prior matter, which has since been rendered final, and that precedent governs the present controversy. Consequently, the appellant's challenge to the tribunal's reliance on the HC precedent fails and the appeal is dismissed with parties to bear their own costs.
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