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2010 (9) TMI 200 - HC - Income TaxLoss on account of expense - Liability arising out of this contract with regard to payment of CST/SST - Memorandum of Understanding (MoU) with the respondent assessee - Agreement provided that on receipt of sale note from other company, assessee would hold the title over the material and thereafter it shall dispose of the material through its own distributors in the concerned States as per the guidelines of Government of India/State Government - liability arising out of this contract was also of the Assessee – Held that: - from the stage of payment of security, opening the Letter of Credit, incurring the other expenses including taxes, Central sales tax, State sales tax, etc. were to be borne by the assessee and the ultimate liability of the contract was also assumed by the MMTC - assessee who had taken over the contract and suffered the losses therein cannot be faulted – Appeal is Dismissed.
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