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...
Addition claimed as cessation of liability for alleged non existent sundry creditors was examined where the AO had accepted increased purchases, sales and consequent creditor balances and prior years' assessments similarly accepted such creditors. The tribunal found sample based non verification of 29.24% of creditors insufficient to displace accepted trading results, and relied on higher court precedents to hold that no addition under cessation of liability principles was warranted. The AO's addition was deleted and the tax effect reversed in favour of the assessee.
Addition claimed as cessation of liability for alleged non existent sundry creditors was examined where the AO had accepted increased purchases, sales and consequent creditor balances and prior years' assessments similarly accepted such creditors. The tribunal found sample based non verification of 29.24% of creditors insufficient to displace accepted trading results, and relied on higher court precedents to hold that no addition under cessation of liability principles was warranted. The AO's addition was deleted and the tax effect reversed in favour of the assessee.
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