Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Addition treating commission receipt as unexplained cash credit was deleted because the AO showed no basis to invoke s.68 and the receipt was from an Indian payer within India, making foreign remittance formalities irrelevant; revenue's ground failed. Addition under s.68 for alleged unexplained investment in a foreign joint venture was deleted since evidence showed the investment was made in FY 2001-02 and was reflected as investment at cost, hence not taxable in the relevant year. Ad hoc disallowance of 10% domestic/foreign travel was deleted for lack of specific defects and absence of cash payments exceeding the alleged threshold. Disallowance of rent paid to a director was deleted as genuineness/business purpose was not in doubt and the recipient offered it to tax. Salary disallowance was deleted based on ledger, bank and TDS evidence. - ITAT
Addition treating commission receipt as unexplained cash credit was deleted because the AO showed no basis to invoke s.68 and the receipt was from an Indian payer within India, making foreign remittance formalities irrelevant; revenue's ground failed. Addition under s.68 for alleged unexplained investment in a foreign joint venture was deleted since evidence showed the investment was made in FY 2001-02 and was reflected as investment at cost, hence not taxable in the relevant year. Ad hoc disallowance of 10% domestic/foreign travel was deleted for lack of specific defects and absence of cash payments exceeding the alleged threshold. Disallowance of rent paid to a director was deleted as genuineness/business purpose was not in doubt and the recipient offered it to tax. Salary disallowance was deleted based on ledger, bank and TDS evidence. - ITAT
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