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...
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
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