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...
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ITAT held that reopening for AY 2016-17 failed because the Revenue did not allege escapement represented in the form of an asset, so jurisdiction under the search-based block was invalid; the assessment was quashed. It also held that the enhanced tax rate under section 115BBE applied only from 01.04.2017, so it could not be levied for AY 2017-18. Additions for alleged over-invoicing and bogus purchases were deleted because the books and quantitative records were not rejected and the claimed purchases matched the amounts actually billed and paid. CSR expenditure remained disallowable as business expense, but the alternative deduction claim was remanded for fresh examination.
ITAT held that reopening for AY 2016-17 failed because the Revenue did not allege escapement represented in the form of an asset, so jurisdiction under the search-based block was invalid; the assessment was quashed. It also held that the enhanced tax rate under section 115BBE applied only from 01.04.2017, so it could not be levied for AY 2017-18. Additions for alleged over-invoicing and bogus purchases were deleted because the books and quantitative records were not rejected and the claimed purchases matched the amounts actually billed and paid. CSR expenditure remained disallowable as business expense, but the alternative deduction claim was remanded for fresh examination.
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