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...
Where an assessee permits its bank account and charitable status to be used for routing funds and claims exemption under sections 11 and 12 on that basis, it cannot avoid taxability by describing itself as a mere conduit. The Tribunal found that the assessee was a party to the arrangement by which donations were routed through its account and shown as application for educational purposes, while the funds were effectively taken back by the beneficiary group. The reliance on an earlier pass-through case was held distinguishable. The addition was upheld in the assessee's hands, the plea that only the ultimate beneficiary could be taxed was rejected, and the appeal was dismissed.
Where an assessee permits its bank account and charitable status to be used for routing funds and claims exemption under sections 11 and 12 on that basis, it cannot avoid taxability by describing itself as a mere conduit. The Tribunal found that the assessee was a party to the arrangement by which donations were routed through its account and shown as application for educational purposes, while the funds were effectively taken back by the beneficiary group. The reliance on an earlier pass-through case was held distinguishable. The addition was upheld in the assessee's hands, the plea that only the ultimate beneficiary could be taxed was rejected, and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
