Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
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...
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The Tribunal reduced an estimated business profit rate from the rates adopted by the tax authorities to 4% of turnover, noting the absence of reliable comparable cases and the assessee's lower historical profits in the wholesale medicine trade. It also cancelled penalty for delayed filing of the audit report under section 271B, accepting reasonable cause where the assessee relied on a tax consultant and lived in a remote area. Further, it deleted the remaining penalty for non-compliance with notices under section 271(1)(b), holding that the same reasonable cause applied and that some defaults had already been effectively waived.
The Tribunal reduced an estimated business profit rate from the rates adopted by the tax authorities to 4% of turnover, noting the absence of reliable comparable cases and the assessee's lower historical profits in the wholesale medicine trade. It also cancelled penalty for delayed filing of the audit report under section 271B, accepting reasonable cause where the assessee relied on a tax consultant and lived in a remote area. Further, it deleted the remaining penalty for non-compliance with notices under section 271(1)(b), holding that the same reasonable cause applied and that some defaults had already been effectively waived.
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