Mis-declaration and Concealment: confiscation affirmed, transaction value re-determined and mandatory penalty sustained; redemption allowed on payment...
Page of 4811
Press 'Enter' after typing page number.
5561 to 5580 of 96208 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
In computing deduction under Section 10A, expenses excluded from export turnover must also be excluded from total turnover; otherwise the formula becomes unworkable and produces an absurd result. Applying the earlier Division Bench ruling and the Supreme Court decision in HCL Technologies, the HC answered this question in favour of the assessee. On interest disallowance relating to advances to a subsidiary, the court noted that the factual issue whether the investment had a business nexus had not been examined by the lower authorities. It therefore remitted that issue to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce material.
In computing deduction under Section 10A, expenses excluded from export turnover must also be excluded from total turnover; otherwise the formula becomes unworkable and produces an absurd result. Applying the earlier Division Bench ruling and the Supreme Court decision in HCL Technologies, the HC answered this question in favour of the assessee. On interest disallowance relating to advances to a subsidiary, the court noted that the factual issue whether the investment had a business nexus had not been examined by the lower authorities. It therefore remitted that issue to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce material.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
