If there is no tax-free income, then no section 14A disallowance is to be made based on assumption that in future, some tax-free income will result to assessee on investment.
NCLT ordered liquidation of respondent company under IBC and claim of Department been rejected. So appeal filed by Revenue after moratorium period is not maintainable
Subscription revenue received by assessee in Chemical Extract Service and Publication division does not qualify as ‘Royalty’ in terms of section 9(1)(vi) of the Act & Article–12(3) of India–USA DTAA.
Short issue involved in the present case for determination is as to whether appellant could suo motu take credit reversed during litigation
Manufacture requires that a new distinct marketable goods should be produced.So long as a new and distinct commodity known to the market is produced, the process amounts to manufacture and not otherwise.
Cancellation of C Forms at a subsequent date would have a disruptive effect on the stream of commercial transactions, which is impermissible.
In case the goods are lost or destroyed by natural causes or by unavoidable accidents during handling or storage in the store room or other approved premises the duty cannot be demanded.
Only that amount can be appropriated which is actually demanded and confirmed by the authority as legitimate duty or dues.
Pre-condition of filing of a revised return nowhere impinges upon jurisdiction of various appellate forums; NFAC can very well entertain even fresh claims without a revised return.
Enhancement of value of imported goods based on NIDB data and circular issued by DGOV without rejecting declared value under Rule 12 of Customs Valuation Rules, 2007 is not proper.
