Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
The AAR held that a specialised steel CCV tower used in manufacturing insulated cables formed part of plant and machinery because the Explanation to section 17(5) includes apparatus, equipment and machinery fixed to earth by foundation or structural support, together with such foundation or support. On the applicant's process layout, the tower was an essential support system providing height, stability, alignment and operational integrity, so it was not a civil structure or immovable property for blocked-credit purposes. Accordingly, input tax credit on inputs and input services used to set up the tower was admissible and was not barred by section 17(5)(c) or section 17(5)(d).
The AAR held that a specialised steel CCV tower used in manufacturing insulated cables formed part of plant and machinery because the Explanation to section 17(5) includes apparatus, equipment and machinery fixed to earth by foundation or structural support, together with such foundation or support. On the applicant's process layout, the tower was an essential support system providing height, stability, alignment and operational integrity, so it was not a civil structure or immovable property for blocked-credit purposes. Accordingly, input tax credit on inputs and input services used to set up the tower was admissible and was not barred by section 17(5)(c) or section 17(5)(d).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
