Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Dominant issue 1: genuineness of transportation expenses - tribunal found the asserted MOU predating the assessee's incorporation was inconsistent and unexplained, and absence of reference to prior transportation in the subcontract reinforced revenue's conclusion that the MOU was fabricated; consequence: transportation claim of Rs.41,48,000 disallowed. Dominant issue 2: liability for deductions labeled "labour cess" and copy charges - under Clause 11 of the subcontract the authority's statutory deductions were payable by the sub-contractor (party of the second part), not the assessee; consequence: the assessee's claim for those subcontract expenses was disallowed. - ITAT
Dominant issue 1: genuineness of transportation expenses - tribunal found the asserted MOU predating the assessee's incorporation was inconsistent and unexplained, and absence of reference to prior transportation in the subcontract reinforced revenue's conclusion that the MOU was fabricated; consequence: transportation claim of Rs.41,48,000 disallowed. Dominant issue 2: liability for deductions labeled "labour cess" and copy charges - under Clause 11 of the subcontract the authority's statutory deductions were payable by the sub-contractor (party of the second part), not the assessee; consequence: the assessee's claim for those subcontract expenses was disallowed. - ITAT
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