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...
Credits treated as unexplained cash credits under s.68 were examined to determine whether they were trade advances. Where advances were received from customers (mostly through banking channels) and subsequently adjusted against sales invoices within a reasonable time, the credits were held to be genuine trade advances and not "loan creditors"; hence no enquiry into customer creditworthiness was required and the additions were deleted. Refund of excess labour advance from a goldsmith, recorded against job-work bills and received in cash consistent with trade practice, was held explained and the s.68 addition was deleted. Cash receipts from credit sales were not taxable under s.68 merely for alleged non-collection of TCS since s.206C(1D) was inapplicable due to turnover below s.44AB threshold; addition deleted. Cash deposits during demonetisation were supported by book cash and sales bills; s.69A addition deleted; consequently s.115BBE issue became academic. - ITAT
Credits treated as unexplained cash credits under s.68 were examined to determine whether they were trade advances. Where advances were received from customers (mostly through banking channels) and subsequently adjusted against sales invoices within a reasonable time, the credits were held to be genuine trade advances and not "loan creditors"; hence no enquiry into customer creditworthiness was required and the additions were deleted. Refund of excess labour advance from a goldsmith, recorded against job-work bills and received in cash consistent with trade practice, was held explained and the s.68 addition was deleted. Cash receipts from credit sales were not taxable under s.68 merely for alleged non-collection of TCS since s.206C(1D) was inapplicable due to turnover below s.44AB threshold; addition deleted. Cash deposits during demonetisation were supported by book cash and sales bills; s.69A addition deleted; consequently s.115BBE issue became academic. - ITAT
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