Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
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Paragraph (e) of the 1st Schedule to the Finance Act, 2018 permits a domestic company to be taxed at 25% for A.Y. 2018-19 if its total turnover or gross receipts for F.Y. 2015-16 do not exceed the prescribed threshold. The Tribunal noted that the return form for A.Y. 2018-19 did not provide a separate field for that earlier-year turnover, so the claim could not be denied merely for want of disclosure in the form. As the assessee relied on audited financial statements indicating turnover below the limit, the matter required verification of those financials and other relevant material by the Assessing Officer. The impugned order was set aside and the issue remanded for such verification.
Paragraph (e) of the 1st Schedule to the Finance Act, 2018 permits a domestic company to be taxed at 25% for A.Y. 2018-19 if its total turnover or gross receipts for F.Y. 2015-16 do not exceed the prescribed threshold. The Tribunal noted that the return form for A.Y. 2018-19 did not provide a separate field for that earlier-year turnover, so the claim could not be denied merely for want of disclosure in the form. As the assessee relied on audited financial statements indicating turnover below the limit, the matter required verification of those financials and other relevant material by the Assessing Officer. The impugned order was set aside and the issue remanded for such verification.
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