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 ITAT held that where contemporaneous accounts, receipts and audited records showed the premises was actively used for the assessee's business during the year, the property fell outside section 22 and the deeming fiction for annual letting value under section 23 did not apply. Receipts linked to school operations and later tax treatment of advance educational collections supported the business-use explanation, which the Revenue did not rebut. It also found the Assessing Officer's notional valuation at a percentage of cost to be arbitrary, so the addition for deemed rental income was deleted and the Revenue's appeal dismissed; the reopening challenge in cross-objection was left open as academic.
The ITAT held that where contemporaneous accounts, receipts and audited records showed the premises was actively used for the assessee's business during the year, the property fell outside section 22 and the deeming fiction for annual letting value under section 23 did not apply. Receipts linked to school operations and later tax treatment of advance educational collections supported the business-use explanation, which the Revenue did not rebut. It also found the Assessing Officer's notional valuation at a percentage of cost to be arbitrary, so the addition for deemed rental income was deleted and the Revenue's appeal dismissed; the reopening challenge in cross-objection was left open as academic.
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