Transfer of passive infrastructure (PI) assets under a court-approved scheme of demerger without consideration qualified as a gift under Section 47(iii), thereby legitimizing the claim of depreciation on such assets.
Profit arising from purchase and sale of cargo space by a freight forwarder on principal-to-principal basis was trading income and not consideration for service, and therefore not liable to service tax under Business Support Service or otherwise.
The Tribunal held that a development agreement granting only a limited license for construction does not constitute transfer under section 2(47)(v). As no consideration was received, capital gains addition was deleted.
The Tribunal held that loan repayment cannot be treated as unexplained cash credit under section 68. The addition was deleted as it was based on incorrect classification of repayment as fresh loan.
The Court held that GSTIN cannot be cancelled solely based on supplier irregularities without examining the taxpayer’s transactions. The matter was remanded due to absence of independent findings.
The Tribunal held that penalty under section 271(1)(c) cannot be sustained when identical facts in earlier years led to deletion. Applying the principle of consistency, the penalty was deleted.
Clarifies that Form PAS-6 must be filed once ISIN is obtained, even if no shares are in demat form. Highlights the strict applicability under Rule 9A/9B and the importance of compliance.
Explains the requirement of CTE before setup and CTO before operations. Highlights how both approvals ensure compliance and prevent legal consequences.
The tribunal permitted substitution of original petitioners with a new shareholder after transfer of shares. The key takeaway is that class action proceedings can continue with a successor shareholder if ownership changes.
The Court held that input tax credit cannot be restricted to the month of invoice when business practices require later accounting. It ruled that such restriction defeats the objective of avoiding cascading taxation.
