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 allowed the appeal, holding that the ISD's distribution of CENVAT/ITC to the recipient unit was lawful; mere technical defects in supplier invoices (addressed to another unit or absence of non-essential particulars) and reliance on internal CWIP ledgers do not suffice to disallow credit where genuineness is not disproved and corroborative evidence (payments, vouchers, performance proof) exists. The Tribunal found no findings of fabricated invoices, shell suppliers or circular payments and concluded the Department failed to establish the two statutory conditions under Rule 7/ISD provisions. Further, invocation of the extended limitation period was not established, rendering the demand time-barred. Consequently the demand, interest and penalties were vacated.
CESTAT allowed the appeal, holding that the ISD's distribution of CENVAT/ITC to the recipient unit was lawful; mere technical defects in supplier invoices (addressed to another unit or absence of non-essential particulars) and reliance on internal CWIP ledgers do not suffice to disallow credit where genuineness is not disproved and corroborative evidence (payments, vouchers, performance proof) exists. The Tribunal found no findings of fabricated invoices, shell suppliers or circular payments and concluded the Department failed to establish the two statutory conditions under Rule 7/ISD provisions. Further, invocation of the extended limitation period was not established, rendering the demand time-barred. Consequently the demand, interest and penalties were vacated.
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