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...
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Interest received under s.28 of the Land Acquisition Act on enhanced compensation for compulsory acquisition of agricultural land was held taxable as "income from other sources" under s.56(2)(viii) read with s.145B(1), as the statutory language is clear and mandates such tax treatment; consequentially, deduction under s.57(iv) applies while recomputing such interest. The claim of exemption under s.10(37) was rejected because that provision covers only "compensation" for compulsory acquisition and does not extend to "interest on compensation/enhanced compensation." The appellate direction to recompute interest under s.56(2)(viii) with s.57(iv) deduction was upheld and the assessee's grounds were dismissed - ITAT
Interest received under s.28 of the Land Acquisition Act on enhanced compensation for compulsory acquisition of agricultural land was held taxable as "income from other sources" under s.56(2)(viii) read with s.145B(1), as the statutory language is clear and mandates such tax treatment; consequentially, deduction under s.57(iv) applies while recomputing such interest. The claim of exemption under s.10(37) was rejected because that provision covers only "compensation" for compulsory acquisition and does not extend to "interest on compensation/enhanced compensation." The appellate direction to recompute interest under s.56(2)(viii) with s.57(iv) deduction was upheld and the assessee's grounds were dismissed - ITAT
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