Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
High Court applied the principle in Liberty India to hold that duty drawback, DEPB and similar remissions constitute an independent source of income and cannot be credited against cost of manufacture for purposes of deductions available to industrial undertakings; question (i) ruled against the appellant. The court remanded the matter to the assessing officer to determine and deduct excise and customs duties paid on raw material purchases from the duty drawback amount and to pass a fresh assessment reflecting that adjustment.
High Court applied the principle in Liberty India to hold that duty drawback, DEPB and similar remissions constitute an independent source of income and cannot be credited against cost of manufacture for purposes of deductions available to industrial undertakings; question (i) ruled against the appellant. The court remanded the matter to the assessing officer to determine and deduct excise and customs duties paid on raw material purchases from the duty drawback amount and to pass a fresh assessment reflecting that adjustment.
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