Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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.
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