Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Refund of unutilised input tax credit under an inverted duty structure remains available where higher-taxed packing materials used to make sulphur marketable in customised packets cause credit accumulation, even though the principal goods at input and output stages are identical. Statutory refund conditions do not exclude such claims based on identity of the principal goods. CBIC circulars issued for uniform implementation cannot add restrictions or curtail the statutory entitlement. The Tribunal upheld the taxpayer's refund and directed release of the sanctioned amount, dismissing the Revenue's appeal.
Refund of unutilised input tax credit under an inverted duty structure remains available where higher-taxed packing materials used to make sulphur marketable in customised packets cause credit accumulation, even though the principal goods at input and output stages are identical. Statutory refund conditions do not exclude such claims based on identity of the principal goods. CBIC circulars issued for uniform implementation cannot add restrictions or curtail the statutory entitlement. The Tribunal upheld the taxpayer's refund and directed release of the sanctioned amount, dismissing the Revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
