Recognising the role of a Kaccha Arhtia, the Tribunal ruled that only commission constitutes income. TDS deducted on gross receipts belonging to farmers still entitles the agent to full credit.
Clear routes for eligibility, capital requirements, and fit-and-proper standards are prescribed. The key outcome is a more resilient and credible MF ecosystem.
The Tribunal examined whether a large consultancy payment was allowable when the assessee failed to establish its genuineness and business necessity. It upheld the disallowance, holding that mere claims without credible evidence cannot justify deduction of professional expenses.
The assessing authority made a large addition without explaining its nature or legal basis. The Tribunal ruled that such a cryptic order cannot stand and set aside the addition.
The Tribunal observed that the transfer pricing adjustment was based on unexplained margin calculations. A fresh working was directed to ensure accurate benchmarking of international transactions.
Taxpayers are facing revival of decades-old demands without prior notice or service of orders. The key takeaway is that such demands suffer from serious procedural lapses and merit CBDT intervention.
The Supreme Court held that purchasers who acquire property during pending litigation are bound by the decree and cannot obstruct execution of possession. Transfers made pendente lite remain subservient to the final decree and do not create independent rights against the decree holder.
The High Court ruled that ITC cannot be reversed when the supplier was registered at the time of purchase and the transaction was genuine. The key takeaway is that buyers are not responsible for a supplier’s future non-compliance.
The Tribunal held that reopening completed scrutiny assessments beyond four years is invalid when reasons do not allege failure to disclose material facts. The key takeaway is that Section 147’s first proviso is mandatory and cannot be bypassed.
Service tax demand raised on the Greater Chennai Police Commissionerate for providing Bundobast and security services, holding that such services were sovereign functions and that the Government was not liable to service tax for the period prior to 1 June 2012.
