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...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
For payments of capital gains to non-resident shareholders on transfer of shares of an Indian unlisted company, the dominant issue was whether TDS at 11.54% was correctly applied by adopting the concessional rate under s.112(1)(c)(iii) rather than applying indexation/other adjustments under the provisos to s.48 to deny such rate. The Tribunal held that the s.48 provisos govern the mode of computation (including foreign currency conversion) and do not displace the concessional rate prescribed under s.112(1)(c)(iii) for the relevant period; the AO had ignored the statutory conditions. The direction to verify remittances and apply 11.54% TDS was upheld, and the Revenue's appeal was dismissed. - ITAT
For payments of capital gains to non-resident shareholders on transfer of shares of an Indian unlisted company, the dominant issue was whether TDS at 11.54% was correctly applied by adopting the concessional rate under s.112(1)(c)(iii) rather than applying indexation/other adjustments under the provisos to s.48 to deny such rate. The Tribunal held that the s.48 provisos govern the mode of computation (including foreign currency conversion) and do not displace the concessional rate prescribed under s.112(1)(c)(iii) for the relevant period; the AO had ignored the statutory conditions. The direction to verify remittances and apply 11.54% TDS was upheld, and the Revenue's appeal was dismissed. - ITAT
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