Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Dispute concerns multiple corporate assessment adjustments: the tribunal held depreciation disallowance unsustainable where assets were purchased through banking channels, recorded in audited books and legitimately owned and used, and directed deletion. Warranty provision deduction was recalculated and remitted to the AO to grant the correct deductible amount. Rental receipts from trailer leasing were held to be business income, not income from house property, and relevant additions were deleted. Carry forward of losses was remitted for correct computation. TDS shortfall claims were ordered verified with submitted evidence. Addition on share premium was deleted as consideration received from a non-resident is outside the relevant taxable scope. Ad hoc disallowances on vehicle repairs and residual settlements were deleted; depreciation on plant and verification of put-to-use dates was directed to AO.
Dispute concerns multiple corporate assessment adjustments: the tribunal held depreciation disallowance unsustainable where assets were purchased through banking channels, recorded in audited books and legitimately owned and used, and directed deletion. Warranty provision deduction was recalculated and remitted to the AO to grant the correct deductible amount. Rental receipts from trailer leasing were held to be business income, not income from house property, and relevant additions were deleted. Carry forward of losses was remitted for correct computation. TDS shortfall claims were ordered verified with submitted evidence. Addition on share premium was deleted as consideration received from a non-resident is outside the relevant taxable scope. Ad hoc disallowances on vehicle repairs and residual settlements were deleted; depreciation on plant and verification of put-to-use dates was directed to AO.
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