Charity-run tree plantation and maintenance for environmental preservation qualifies as "charitable activity", making supplies GST-exempt under Notifi...
Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
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
Note: It is a system-generated summary and is for quick reference only.