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...
Validity of reopening was examined with emphasis on limitation and newly inserted procedural safeguards; since the notice was time-barred the reopening was quashed. Taxation of undisclosed on-money receipts was assessed by estimating profit element; in absence of records the appellate authority adopted a 17% profit estimate on receipts, and allowed telescoping credit for income voluntarily declared under the disclosure scheme, treating declaration as sufficient without source specification. Additions on account of unsecured loans were rejected where the taxpayer proved identity and creditworthiness of lenders with confirmations, PANs, bank statements and subsequent bank repayments; source-of-source proof was not required and acceptance of repayment precluded current year addition.
Validity of reopening was examined with emphasis on limitation and newly inserted procedural safeguards; since the notice was time-barred the reopening was quashed. Taxation of undisclosed on-money receipts was assessed by estimating profit element; in absence of records the appellate authority adopted a 17% profit estimate on receipts, and allowed telescoping credit for income voluntarily declared under the disclosure scheme, treating declaration as sufficient without source specification. Additions on account of unsecured loans were rejected where the taxpayer proved identity and creditworthiness of lenders with confirmations, PANs, bank statements and subsequent bank repayments; source-of-source proof was not required and acceptance of repayment precluded current year addition.
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