ITAT Hyderabad held LIBOR + 200 basis points is an appropriate rate of interest on outstanding trade receivables interest of bank short term deposit rate. Accordingly, TPO directed to compute interest on outstanding receivables by applying LIBOR + 200 basis points.
Gujarat High Court held that software consultancy services to parent company located outside India provided on principal to principal basis qualifies as export of service and cannot be considered as intermediary service.
The ITAT found that Rule 8D cannot be applied blindly without examining the nature of investments and income earned. The matter was restored to the Assessing Officer to verify whether investments were stock-in-trade and whether they yielded exempt income.
The ITAT dismissed the appeal in limine after the assessee failed to rectify signing and verification defects despite multiple opportunities. Signing of appeal documents was held to be foundational to maintainability.
Penalties were imposed after it was found that share subscription funds were used without valid allotment. The ruling reinforces strict compliance with private placement rules.
The Tribunal held that an assessment framed without a valid notice under Section 143(2) by the jurisdictional officer is void. Jurisdictional compliance is mandatory.
The High Court held that adults in live-in relationships cannot be denied protection. Interference by family members was ruled impermissible under Article 21.
The audit identifies widespread irregularities across customs assessments and export incentive schemes. Most findings were accepted, triggering corrective action and partial recoveries.
The audit found widespread control gaps, delayed processing, and weak automation in duty drawback administration. These deficiencies exposed the exchequer to significant revenue loss.
The representation seeks more time to file GST annual returns citing extensive amendments and late clarifications. It urges an extension to avoid errors arising from systemic and transitional constraints.
