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Revenue cannot Reject Classification of Goods of Assessee without Cogent Evidences

September 21, 2020 2034 Views 0 comment Print

The issue under consideration is whether the Calcite Sand (Calcite Powder) is classifiable under CT 2503 9030 as mineral product or required to be classified under CTH 2836 5000 as a chemical?

Disallowance of Expenditure u/s 14A by AO without Recording a Satisfaction is Not Justified

September 21, 2020 2169 Views 0 comment Print

The issue under consideration is whether the disallowance of expenditure u/s 14A by AO without recording a satisfaction is justified in law?

Interest Paid on Security Deposit obtained from Members of Society is allowed u/s 57(iii)

September 21, 2020 6759 Views 0 comment Print

The issue under consideration is whether the Interest paid on security deposit obtained from the members of society is allowed as expense u/s 57(iii) of the Act?

Works of Supply of Water, Disposal of Sewerage Considered as Charitable Activities & Eligible for Exemption u/s 11

September 21, 2020 1338 Views 0 comment Print

The issue under consideration the activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services is considered as “charitable activities” and eligible for exemption u/s 11?

Outstanding Receivables are Part of Working Capital Hence No Separate Benchmarking Required for them

September 19, 2020 1941 Views 0 comment Print

The issue under consideration is whether the addition made on imputing interest on outstanding receivable from associated enterprises as its separate international transaction and its determination of ALP is justified in law?

Expense on Upgrade & Development of Product is Capital Expense

September 18, 2020 3423 Views 0 comment Print

The issue under consideration is whether the expenditure incurred towards upgraded and development of a product was to be considered as capital expenditure or revenue expenditure?

Section 194N TDS on Cash Withdrawal Not Applicable if Sums withdrawn Not Constitutes Income of Recipient

September 18, 2020 4614 Views 0 comment Print

The issue under consideration is whether TDS on Cash Withdrawal u/s 194N is applicable even though the sums withdrawn is not constitute income in the hands of the recipient?

Foreign Exchange Fluctuation Loss arising out of Re-Statement of ECB Allowed

September 18, 2020 2787 Views 0 comment Print

Whether CIT(A) was justified in confirming the disallowance of foreign exchange fluctuation loss arising out of re-statement of External Commercial Borrowings (ECB) at the year end rates in accordance with AS-11?

No disallowance of discount for Non-Deduction of TDS

September 18, 2020 1515 Views 0 comment Print

Whether disallowing expenditure in the nature of discount under section 40(a)(ia) for non-deduction of tax u/s 194J by considering it as commission is justified in law?

HC orders to Deposit Profiteered Amount & Stays Interest & Penalty Imposed by NAA

September 18, 2020 1104 Views 0 comment Print

High Court directed the petitioner to deposit principal profiteered amount but stayed interest and penalty imposed by National Anti-Profiteering Authority (NAA).

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