Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
AAR held that exemption under Sr. No. 557B of Notification No. 50/2017-Customs from IGST is available to the applicant on lease of equipment supplied from an FTWZ unit to DTA for use in manufacture of a rig. Although the applicant is not an SEZ unit, the goods are physically stored in an FTWZ, which is treated as an SEZ under the SEZ Act, 2005, and FTWZ-DTA transactions are permissible. Subject to compliance with Condition 102 (bond for retention, re-export/return, and payment on breach), the DTA unit is entitled to the exemption.
AAR held that exemption under Sr. No. 557B of Notification No. 50/2017-Customs from IGST is available to the applicant on lease of equipment supplied from an FTWZ unit to DTA for use in manufacture of a rig. Although the applicant is not an SEZ unit, the goods are physically stored in an FTWZ, which is treated as an SEZ under the SEZ Act, 2005, and FTWZ-DTA transactions are permissible. Subject to compliance with Condition 102 (bond for retention, re-export/return, and payment on breach), the DTA unit is entitled to the exemption.
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