Supreme Court held that medicated talcum powder is not a medicinal preparation, drug or medicine, the same is classifiable in the category of cosmetics.
ITAT Chennai held that for invoking provisions of section 40A(2)(b), AO has to bring on record some comparable cases of similar nature to allege that hire charges paid by the assessee is unreasonable and excessive, when compared to market rates. In absence of the same, addition is unsustainable.
ITAT Delhi held that Article 265 of the Constitution mandates that no tax shall be levied or collected except by authority of law. If tax has been paid in excess, same has to be refunded to the assessee.
ITAT Delhi held that the proceeds of license of Build-Operate-Transfer (BOT) Projects is not taxable as rental income. The same is taxable as business income.
CESTAT Delhi held that profit on ocean freight charges cannot be termed as consideration for service and hence service tax is not leviable on the same.
CESTAT Ahmedabad held that department cannot self assign to itself the duty of declaring bad in law the certificate issued to the importer by Ministry of Renewable Energy or decide title of the goods, even when no one is disputing ownership.
ITAT Delhi held that rent including service tax on rent paid for the purpose of business is allowable under section 30 of the Income Tax Act.
CESTAT Delhi held that authority is not permitted to retain the excess amount paid by the appellant because of an error in EDI system. Authority is duty bound to refund such amount.
Merely the parties agreed to not to charge/pay interest on loan will not vitiate the genuineness of such loan transaction unless and until the revenue brought some cogent material on record to prove that such transaction of loan is not genuine.
Section 192 provides deduction of tax ‘at the time of payment’. Admittedly there was no payment of the salary etc, which was foregone as per terms of settlement in mediation proceedings.
