Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Additional input tax credit under GST that increased the ITC-to-purchase ratio was treated as a benefit required to be passed on through commensurate price reduction under anti-profiteering law; the plea that unutilised ITC under an inverted duty structure was not a real benefit, and that prices were fixed by contract, was rejected. The profiteered amount was held to include the GST component because the excess was collected from buyers inclusive of tax. Interest was held mandatory on the amount not passed on, running from collection until refund. Penalty under Section 171(3A) was held attracted for the contravention period, subject to the statutory proviso on timely deposit.
Additional input tax credit under GST that increased the ITC-to-purchase ratio was treated as a benefit required to be passed on through commensurate price reduction under anti-profiteering law; the plea that unutilised ITC under an inverted duty structure was not a real benefit, and that prices were fixed by contract, was rejected. The profiteered amount was held to include the GST component because the excess was collected from buyers inclusive of tax. Interest was held mandatory on the amount not passed on, running from collection until refund. Penalty under Section 171(3A) was held attracted for the contravention period, subject to the statutory proviso on timely deposit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
