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...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
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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