Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Conversion of Government loan liability and accrued interest into equity by allotment of shares was held not to constitute remission or cessation of liability, so no deemed income arose under s.41(1)(a); deletion of the addition was sustained in favour of the assessee. Contributions to a provident/pension fund could not be disallowed as to an unapproved fund once statutory recognition was granted post-amalgamation, since recognition was held to relate back to the effective amalgamation date; relief was granted to the assessee. Provision for insurance fund/no-fault liability was allowable only to the extent of actual payments pursuant to statutory liability or court orders; the revenue succeeded. Set-off under s.72A was allowed as the amalgamated entity owned an "industrial undertaking" by virtue of bus-body manufacture and compliance with prescribed confirmations; assessee succeeded. Share capital increase expenses were capital in nature; revenue succeeded - HC
Conversion of Government loan liability and accrued interest into equity by allotment of shares was held not to constitute remission or cessation of liability, so no deemed income arose under s.41(1)(a); deletion of the addition was sustained in favour of the assessee. Contributions to a provident/pension fund could not be disallowed as to an unapproved fund once statutory recognition was granted post-amalgamation, since recognition was held to relate back to the effective amalgamation date; relief was granted to the assessee. Provision for insurance fund/no-fault liability was allowable only to the extent of actual payments pursuant to statutory liability or court orders; the revenue succeeded. Set-off under s.72A was allowed as the amalgamated entity owned an "industrial undertaking" by virtue of bus-body manufacture and compliance with prescribed confirmations; assessee succeeded. Share capital increase expenses were capital in nature; revenue succeeded - HC
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