International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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In determining taxable income of a freight forwarding and handling intermediary, only the net service charges retained constitute "real income," since freight components billed and collected from customers are payable onward to airlines/shipping lines and are not the assessee's compensation. Where the tax authorities treated gross receipts as income and made an addition for the difference with returned income, they were required to allow corresponding freight remittances evidenced on record, even if not routed through the profit and loss account, as the amounts were pass-through. Additions cannot rest merely on transaction value without proving it represents consideration for services. The appellate relief deleting the addition was upheld. - ITAT
In determining taxable income of a freight forwarding and handling intermediary, only the net service charges retained constitute "real income," since freight components billed and collected from customers are payable onward to airlines/shipping lines and are not the assessee's compensation. Where the tax authorities treated gross receipts as income and made an addition for the difference with returned income, they were required to allow corresponding freight remittances evidenced on record, even if not routed through the profit and loss account, as the amounts were pass-through. Additions cannot rest merely on transaction value without proving it represents consideration for services. The appellate relief deleting the addition was upheld. - ITAT
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