Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Dominant issue: whether "other expenses" debited to P&L but subsequently capitalized as project cost could be disallowed. Reasoning: AO failed to verify documentary evidence and ignored audited financial statements; CIT(A)'s reliance on P&L debit was without proper appreciation. Outcome: matter remanded to assessing officer for limited verification and enquiry, not sustained as disallowance. Secondary issue: whether section 41(1) applies for cessation of liability where creditor wrote off the debt. Reasoning: liability continued in assessee's books with no unilateral remission or bilateral settlement; creditor's write-off alone does not extinguish liability and natural justice was violated by relying solely on creditor's assessment. Outcome: s.41(1) disallowance held not attracted; decision for assessee. - ITAT
Dominant issue: whether "other expenses" debited to P&L but subsequently capitalized as project cost could be disallowed. Reasoning: AO failed to verify documentary evidence and ignored audited financial statements; CIT(A)'s reliance on P&L debit was without proper appreciation. Outcome: matter remanded to assessing officer for limited verification and enquiry, not sustained as disallowance. Secondary issue: whether section 41(1) applies for cessation of liability where creditor wrote off the debt. Reasoning: liability continued in assessee's books with no unilateral remission or bilateral settlement; creditor's write-off alone does not extinguish liability and natural justice was violated by relying solely on creditor's assessment. Outcome: s.41(1) disallowance held not attracted; decision for assessee. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
