Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Cotton waste sold by the assessee was treated by the AO as "scrap" liable to TCS under s. 206C. Interpreting the statutory definition of "scrap," the tribunal held that cotton waste used as raw material in open-ended spinning mills does not qualify as scrap, so s. 206C is inapplicable on such sales. Although the first appellate authority accepted non-taxability in principle, it denied relief for non-furnishing of Form 27C; the tribunal treated this as a curable technical lapse in light of binding precedent and noted that end-user declarations were produced. The matter was remitted to the AO to verify end-use and then allow relief accordingly; appeal was statistically allowed. - ITAT
Cotton waste sold by the assessee was treated by the AO as "scrap" liable to TCS under s. 206C. Interpreting the statutory definition of "scrap," the tribunal held that cotton waste used as raw material in open-ended spinning mills does not qualify as scrap, so s. 206C is inapplicable on such sales. Although the first appellate authority accepted non-taxability in principle, it denied relief for non-furnishing of Form 27C; the tribunal treated this as a curable technical lapse in light of binding precedent and noted that end-user declarations were produced. The matter was remitted to the AO to verify end-use and then allow relief accordingly; appeal was statistically allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
