Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Dominant issue: classification of interest receipts as business income - applying the definition of "business" and principles of consistency, the tribunal found the taxpayer systematically raised large unsecured borrowings, intermediated loans through brokers, operated with profit motive and attendant risks, thereby satisfying all ingredients of business activity; interest was hence held to be income from business (appeal dismissed on this point). Subsidiary issues: disallowance under section 40(a)(ia) - because interest was business expenditure and TDS under section 194A was not deducted, the deduction was disallowed (ground dismissed); compliance with section 44AB - business receipts exceeded statutory threshold and an audit was required (ground dismissed). - ITAT
Dominant issue: classification of interest receipts as business income - applying the definition of "business" and principles of consistency, the tribunal found the taxpayer systematically raised large unsecured borrowings, intermediated loans through brokers, operated with profit motive and attendant risks, thereby satisfying all ingredients of business activity; interest was hence held to be income from business (appeal dismissed on this point). Subsidiary issues: disallowance under section 40(a)(ia) - because interest was business expenditure and TDS under section 194A was not deducted, the deduction was disallowed (ground dismissed); compliance with section 44AB - business receipts exceeded statutory threshold and an audit was required (ground dismissed). - ITAT
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