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...
Whether the assessee's investments in group/subsidiary companies constituted "business" so as to allow related expenditure and consequent set-off of loss was the dominant issue. The Tribunal held that the assessee's main object was to make strategic investments in such companies, and the investments made were in furtherance of that object; hence, the activity amounted to business within s.2(13) and the expenditure was incidental thereto, warranting allowance as business expenditure. Having accepted the resultant current-year business loss, the Tribunal directed that it be set off against interest income assessed under "Income from other sources" in accordance with s.71, and allowed the appeal. - ITAT
Whether the assessee's investments in group/subsidiary companies constituted "business" so as to allow related expenditure and consequent set-off of loss was the dominant issue. The Tribunal held that the assessee's main object was to make strategic investments in such companies, and the investments made were in furtherance of that object; hence, the activity amounted to business within s.2(13) and the expenditure was incidental thereto, warranting allowance as business expenditure. Having accepted the resultant current-year business loss, the Tribunal directed that it be set off against interest income assessed under "Income from other sources" in accordance with s.71, and allowed the appeal. - ITAT
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