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...
Business loss was disallowed on the premise that it was not genuine; applying s.28, the forum held that real revenue losses incidental to trade are deductible unless expressly barred, and found the disallowance conjectural and contrary to settled law, directing allowance of the loss in full. ESOP cross-charge was treated as notional; relying on prior year orders and the principle that "expenditure" under s.37 includes such employee compensation cost, the deduction for ESOP expense was allowed. Reimbursement of ESOP cost to the parent was held not to be consideration for services and made cost-to-cost; hence no TDS obligation arose under s.195 and the revenue's challenge failed. Manpower expenses were supported by contracts, invoices, statutory records and banking/TDS trail; later non-traceability of a vendor was insufficient absent evidence of cash-back, so the addition was deleted. - ITAT
Business loss was disallowed on the premise that it was not genuine; applying s.28, the forum held that real revenue losses incidental to trade are deductible unless expressly barred, and found the disallowance conjectural and contrary to settled law, directing allowance of the loss in full. ESOP cross-charge was treated as notional; relying on prior year orders and the principle that "expenditure" under s.37 includes such employee compensation cost, the deduction for ESOP expense was allowed. Reimbursement of ESOP cost to the parent was held not to be consideration for services and made cost-to-cost; hence no TDS obligation arose under s.195 and the revenue's challenge failed. Manpower expenses were supported by contracts, invoices, statutory records and banking/TDS trail; later non-traceability of a vendor was insufficient absent evidence of cash-back, so the addition was deleted. - ITAT
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