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...
Addition under s.69 for alleged unexplained investment by a non-resident in its Indian subsidiary was held unsustainable where the investment was recorded in the assessee's books and its nature and source were explained as equity funding received from its foreign parent and onward invested in India, supported by bank statements and audited accounts. Section 69 applies only to investments not recorded in the books and lacking satisfactory explanation; insisting on further source proof despite recorded entries was a misapplication of the provision. The matter was remitted only for limited verification of annual accounts evidencing the parent funding, with a direction to delete the addition if verified, and the appeal was allowed. - ITAT
Addition under s.69 for alleged unexplained investment by a non-resident in its Indian subsidiary was held unsustainable where the investment was recorded in the assessee's books and its nature and source were explained as equity funding received from its foreign parent and onward invested in India, supported by bank statements and audited accounts. Section 69 applies only to investments not recorded in the books and lacking satisfactory explanation; insisting on further source proof despite recorded entries was a misapplication of the provision. The matter was remitted only for limited verification of annual accounts evidencing the parent funding, with a direction to delete the addition if verified, and the appeal was allowed. - ITAT
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