Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
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 the assessee consistently followed the exclusive method of accounting, GST, sales tax and service tax refunds not routed through the profit and loss account could not be taxed as remission of liability under section 41(1) or as business income under section 28(i); the Tribunal held that the precondition for such addition was not satisfied and deleted the refunds additions for both years. The Tribunal also held that the same margin on stock converted into capital assets, already offered in the return and included in business income, could not be added again at the processing stage under section 143(1), as this would amount to double taxation. Interest under sections 234B and 234C was treated as consequential and directed to be recomputed.
Where the assessee consistently followed the exclusive method of accounting, GST, sales tax and service tax refunds not routed through the profit and loss account could not be taxed as remission of liability under section 41(1) or as business income under section 28(i); the Tribunal held that the precondition for such addition was not satisfied and deleted the refunds additions for both years. The Tribunal also held that the same margin on stock converted into capital assets, already offered in the return and included in business income, could not be added again at the processing stage under section 143(1), as this would amount to double taxation. Interest under sections 234B and 234C was treated as consequential and directed to be recomputed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
