The court held that deductions under Sections 80-IA and 80-HHC can be claimed simultaneously, subject only to an overall cap of 100% of business profits.
The High Court held that disputes involving alleged fraudulent ITC availment should be examined in statutory appeal proceedings. Writ jurisdiction was declined, with protection granted against limitation if appeal is filed in time.
The Court held that electrically operated golf carts were exempt from Infrastructure Cess under the applicable notification. Re-assessment was directed as a prerequisite to refund where excess duty was paid due to a technical EDI error.
Madras High Court held that seizure of Indian Currency under section 110 of the Customs Act, 1962 without issuance of show cause notice within stipulated time period as prescribed u/s. 110(2) is without authority of law. Accordingly, seizure memo is liable to be quashed.
Mismatched purchase data between financial records and GSTR-2A/2B reports often delays stock loss claims. A formal reconciliation process is key to faster settlement.
The Tribunal set aside a ₹50 lakh customs penalty, holding that a co-accused’s statement, without independent corroboration, cannot justify penal action under the Customs Act.
The issue is that insurers rely on financial and GST records to assess stock loss, with the key takeaway being that incomplete documentation leads to claim reductions.
Complete trading accounts, stock valuations, and GST reconciliations are essential to avoid delays and payment reductions in stock loss insurance claims.
Learn the key elements—Trading Account, stock statement, GST reconciliation, and supporting evidence—that strengthen flood, fire, or water damage insurance claims.
The Tribunal ruled that an unsigned and undated draft agreement seized from a third party cannot justify an addition for unexplained investment without corroborative evidence.
