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...
The note addresses application of the anti-avoidance rule for dividend-stripping, holding that the statutory phrase "dividend or income received or receivable" covers the entire dividend and is not confined to exempt portions; this suffices to prevent tax arbitrage by permitting loss set-off against partly taxed dividends. It records that the onus to prove non-applicability of the provision rests on the taxpayer and that factual findings and tabulated verifications by the assessing officer regarding purchases, record dates, sales and holding periods were not rebutted. The addition under the provision was sustained and interest consequences follow as consequential determinations.
The note addresses application of the anti-avoidance rule for dividend-stripping, holding that the statutory phrase "dividend or income received or receivable" covers the entire dividend and is not confined to exempt portions; this suffices to prevent tax arbitrage by permitting loss set-off against partly taxed dividends. It records that the onus to prove non-applicability of the provision rests on the taxpayer and that factual findings and tabulated verifications by the assessing officer regarding purchases, record dates, sales and holding periods were not rebutted. The addition under the provision was sustained and interest consequences follow as consequential determinations.
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