Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Demand on renting of immovable property was held partly time-barred as extended limitation was invoked without proving suppression with intent to evade; the portion beyond normal period was set aside, while the normal-period tax was confirmed and no penalty was imposed since tax and interest were already paid. Demand on management/business consultancy under RCM was rejected for want of evidence linking foreign currency expenses to taxable services and as revenue-neutral; the entire demand (raised only under extended period) was set aside. Commission paid for selling tea abroad was held exempt under the relevant notification without territorial restriction; demand was set aside. Royalty/licence fee and other remittance-related demands were set aside for limitation and lack of findings/evidence. All penalties were quashed under Section 73(3). - CESTAT
Demand on renting of immovable property was held partly time-barred as extended limitation was invoked without proving suppression with intent to evade; the portion beyond normal period was set aside, while the normal-period tax was confirmed and no penalty was imposed since tax and interest were already paid. Demand on management/business consultancy under RCM was rejected for want of evidence linking foreign currency expenses to taxable services and as revenue-neutral; the entire demand (raised only under extended period) was set aside. Commission paid for selling tea abroad was held exempt under the relevant notification without territorial restriction; demand was set aside. Royalty/licence fee and other remittance-related demands were set aside for limitation and lack of findings/evidence. All penalties were quashed under Section 73(3). - CESTAT
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