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...
Territorial nexus limits taxation of a non-resident's foreign bank deposits: amounts held abroad are taxable in India only if received or deemed received in India, or if they accrue/arise or are deemed to accrue/arise in India; Sections 5(2) and 9 cannot be stretched to tax sums outside India. The Revenue bore the burden to prove Indian sourcing of deposits and failed to discharge that onus (ei qui affirmat incumbit probatio), so additions could not be sustained. Re taxing income already subjected to tax in other hands or years is impermissible, supporting deletion of the addition and dismissal of the appeal.
Territorial nexus limits taxation of a non-resident's foreign bank deposits: amounts held abroad are taxable in India only if received or deemed received in India, or if they accrue/arise or are deemed to accrue/arise in India; Sections 5(2) and 9 cannot be stretched to tax sums outside India. The Revenue bore the burden to prove Indian sourcing of deposits and failed to discharge that onus (ei qui affirmat incumbit probatio), so additions could not be sustained. Re taxing income already subjected to tax in other hands or years is impermissible, supporting deletion of the addition and dismissal of the appeal.
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