CBIC’s latest GST amendments on valuing online gaming & casino transactions. Learn about Rule 31B & Rule 31C and their impact on industry.
ITAT Indore held that deduction of cost of land with expenses for exploitation on land duly allowable from the sale consideration before charging tax on the same.
CESTAT Ahmedabad held that during the charter period of vessels the right of possession of vessels and effective control have been transferred to service recipient, therefore the service does not fall under the “Supply of Tangible Goods Service”.
ITAT Chennai held that actual loss arisen on account of cancellation of the forward contracts entered into with the banks to safeguard realization of export proceeds is allowable as business loss.
CESTAT Ahmedabad held that providing transit mixers for transportation of Ready-Mix Concrete (RMC) is classifiable under ‘Goods Transport Agency’ (GTA) services and not under ‘supply of tangible goods for use service’.
CESTAT Ahmedabad held that without advancing reasons for doubting or rejecting the load port test certificate, there was no real justification for resort to provisional assessment and drawing of samples. Accordingly, customs duty exemption granted.
CESTAT Hyderabad held that CENVAT Credit in the books of the transferor is duly available to the transferee on account of change of ownership as per Rule 10 of the Cenvat Credit Rules.
Bombay High Court held that AO and the Tribunal have allowed part of the commission payment as business expenditure. However, disallowance of part of commission payment as business expenditure unjustified.
D D & Co. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that for claiming deduction u/s. 57 of the Income Tax Act, it is important to establish that the expenditure is laid out or expended wholly and exclusively for the purpose of making or earning such income. Accordingly, matter remanded to consider the movement in […]
ITAT Delhi held that entire addition towards unexplained investment under section 69 of the Income Tax Act merely on the basis of presumption is unsustainable in law.
