CESTAT rules definitions and valuation mechanisms under central excise law must be applied strictly in accordance with its own statutory framework. Cross-references to provisions under income tax law, without fulfilling distinct conditions under Central Excise Act, cannot justify a reassessment of excise duty
Supreme Court allows Fork Media’s exemption plea, seeks clarity on Cenvat Credit usage rejected earlier by High Court due to lack of evidence.
Madras High Court upholds RBI’s Net Owned Fund (NOF) rules for NBFCs, affirming compliance requirements and rejecting challenges to financial component inclusion.
ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing lower orders.
ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO’s classification of mutual fund units as taxable shares.
Karnataka High Court dismisses writ petition challenging a tax liability order under Section 179 of the IT Act, citing an alternative remedy under Section 264.
Gujarat High Court rules write-back of provisions isn’t ‘turnover’ or ‘gross receipts’ under Sec 44AB, quashing tax return invalidation. Cites ICAI notes.
Gujarat AAR rules that dredging services by Kishor Projects Pvt Ltd for Gujarat Maritime Board do not qualify for GST exemption under Notification No. 9/2017-IT.
Gujarat AAR rules against ITC claims on buyback expenses by GNFC, stating share repurchase is neither a supply of goods nor services under GST law.
Gujarat AAR rules Inox Air not liable for GST on transit loss of gases, but must reverse ITC on inputs used in lost goods.
