Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
Penalty under section 271(1)(c) cannot rest on a disallowance of business interest on secured promissory notes once the underlying quantum disallowance has been reversed. Interest on those notes was treated as incurred for business purposes and therefore not deductible only on an unsustainable basis. The Tribunal's deletion of penalty was upheld because the issue was initially debatable and the quantum position later attained finality. With no surviving basis for the disallowance, the penalty could not continue, and the Revenue's appeals were dismissed.
Penalty under section 271(1)(c) cannot rest on a disallowance of business interest on secured promissory notes once the underlying quantum disallowance has been reversed. Interest on those notes was treated as incurred for business purposes and therefore not deductible only on an unsustainable basis. The Tribunal's deletion of penalty was upheld because the issue was initially debatable and the quantum position later attained finality. With no surviving basis for the disallowance, the penalty could not continue, and the Revenue's appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
