Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
Whether the payment made to a stock exchange for shortfall in margin money constitutes an inadmissible "penalty" disallowable under s. 37 was the dominant issue. Relying on binding precedent holding that such sums are compensatory in nature and incurred in the course of business, the tribunal held that the payment cannot be treated as an offence-related penalty attracting disallowance under s. 37. Consequently, the disallowance sustained by the first appellate authority was set aside and the deduction was allowed. - ITAT
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