Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
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...
The note addresses valuation and disallowance issues: an allotment letter accompanied by part payment through prescribed banking channels can constitute the agreement fixing consideration for comparing actual sale consideration with Stamp Duty Valuation, and the tax authority was directed to verify receipt dates and compare SDV as of allotment; separate disallowances under the rule limiting deduction for exempt-income-related expenditure are unsustainable where no exempt income was earned, and similar 14A additions cannot be made in computing book profit, leading to deletions of those adjustments and remittance of the 43CA factual verification to the assessing officer.
The note addresses valuation and disallowance issues: an allotment letter accompanied by part payment through prescribed banking channels can constitute the agreement fixing consideration for comparing actual sale consideration with Stamp Duty Valuation, and the tax authority was directed to verify receipt dates and compare SDV as of allotment; separate disallowances under the rule limiting deduction for exempt-income-related expenditure are unsustainable where no exempt income was earned, and similar 14A additions cannot be made in computing book profit, leading to deletions of those adjustments and remittance of the 43CA factual verification to the assessing officer.
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