Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
ITAT held that a domestic company with turnover below Rs. 400 crore in FY 2018-19 is eligible for the concessional corporate tax rate of 25% as per para (e) of Finance Bill 2021, instead of 30%. On assessee's plea and based on audited financial statements produced, the Tribunal remanded the matter to the jurisdictional AO for factual verification of turnover. ITAT directed that, if on verification the assessee's turnover is found to be below Rs. 400 crore, its total income shall be taxed at 25%.
ITAT held that a domestic company with turnover below Rs. 400 crore in FY 2018-19 is eligible for the concessional corporate tax rate of 25% as per para (e) of Finance Bill 2021, instead of 30%. On assessee's plea and based on audited financial statements produced, the Tribunal remanded the matter to the jurisdictional AO for factual verification of turnover. ITAT directed that, if on verification the assessee's turnover is found to be below Rs. 400 crore, its total income shall be taxed at 25%.
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