Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Subsidy received under the State Mega Project incentive scheme was held revenue in nature because it was linked to electricity duty/stamp duty exemptions and VAT/CST-linked promotion subsidy, not to acquisition of any specific fixed asset; Explanation 10 to section 43(1) was inapplicable and the receipt was taxable as income under section 2(24)(xviii), rejecting the claim of capital receipt/exemption. CPC's prima facie adjustment under section 143(1)(a)(ii) adding the subsidy was upheld since the return contained an apparent mismatch and incomplete exempt-income disclosure, warranting correction, and the first appellate order was reversed. Disallowance of delayed employees' PF/ESIC was remanded to examine the "advance deposit" plea. Alleged understatement of duty drawback was remanded for reconciliation. - ITAT
Subsidy received under the State Mega Project incentive scheme was held revenue in nature because it was linked to electricity duty/stamp duty exemptions and VAT/CST-linked promotion subsidy, not to acquisition of any specific fixed asset; Explanation 10 to section 43(1) was inapplicable and the receipt was taxable as income under section 2(24)(xviii), rejecting the claim of capital receipt/exemption. CPC's prima facie adjustment under section 143(1)(a)(ii) adding the subsidy was upheld since the return contained an apparent mismatch and incomplete exempt-income disclosure, warranting correction, and the first appellate order was reversed. Disallowance of delayed employees' PF/ESIC was remanded to examine the "advance deposit" plea. Alleged understatement of duty drawback was remanded for reconciliation. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
