Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Books of account of a project office cannot be rejected merely because no revenue was shown in the year and only expenditure was claimed; absent cogent material, such rejection is unsustainable, and the appellate deletion of its consequences was upheld. Additions made by treating a foreign exchange item as fees for technical services and by treating head office remittances as undisclosed income also failed because they were unsupported by substance or material evidence. The ITAT agreed with the Commissioner (Appeals) that the assessee's project-office receipts and remittances did not justify the impugned additions, and it dismissed the Revenue's appeal.
Books of account of a project office cannot be rejected merely because no revenue was shown in the year and only expenditure was claimed; absent cogent material, such rejection is unsustainable, and the appellate deletion of its consequences was upheld. Additions made by treating a foreign exchange item as fees for technical services and by treating head office remittances as undisclosed income also failed because they were unsupported by substance or material evidence. The ITAT agreed with the Commissioner (Appeals) that the assessee's project-office receipts and remittances did not justify the impugned additions, and it dismissed the Revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
