Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Limitation after transfer-pricing remand: fresh TPO reference did not extend the assessment deadline, rendering the consequential assessment time-barr...
Interim judicial restraint on tax deduction prevents default, while supporting reasonable cause and penalty deletion for foreign-leg LFC reimbursement...
Palmolein classification defeated the crude-oil concession; material misdeclaration sustained recovery and confiscation, while separate false-document...
Input tax credit on expenses attributable to the fresh issue component of an initial public offering is available where the net proceeds are used in furtherance of the company's business. Services used to raise capital for expansion, capital expenditure, working capital, repayment of borrowings and other business purposes have a substantial nexus with business operations and do not fall within blocked credits. In contrast, credit is unavailable for expenses attributable to an offer for sale by existing shareholders because those proceeds accrue to the shareholders rather than the company.
Input tax credit on expenses attributable to the fresh issue component of an initial public offering is available where the net proceeds are used in furtherance of the company's business. Services used to raise capital for expansion, capital expenditure, working capital, repayment of borrowings and other business purposes have a substantial nexus with business operations and do not fall within blocked credits. In contrast, credit is unavailable for expenses attributable to an offer for sale by existing shareholders because those proceeds accrue to the shareholders rather than the company.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4910 
