It is not possible to arrive at the conclusion that there would ...

Income Tax

November 19, 2016

It is not possible to arrive at the conclusion that there would be no shortage of stock due to damage immature paddy damaged caused by rats etc. The basis on which the AO disallowed the claim of the assessee was that the assessee had sold the entire stock of paddy and there was no possibility of shortage and consequent loss in handling paddy - Claim of loss allowed - AT

View Source

← Previous Next →

It is not possible to arrive at the conclusion that there would ...

Income Tax

November 19, 2016

You may also like:

Valuation of stock - Stock damaged due to Earthquake - Factory was closed for few years - There was no reason given by the AO as to why the income out of sale of goods...

Levy of service tax with interest and penalty - liquidated damages - While the above Orders have been passed by the Tribunal in 2022, subsequently, CBIC has issued...

Recovery of damages - failure to deposit the contribution of EPF or committed default as mandated under the provisions of the Employees Provident Fund & Miscellaneous...

Levy of GST - Supply or not - liquidated damages recoverable by the applicant from Belectric India on account of delay in commissioning - time of supply - The contract...

Disallowance of liquidated damages claimed by assessee - “Liquidated damages” are compensation paid for breach of contract. We are therefore, unable to understand how...

100% EOU - return of damaged goods - goods were damaged in transit while they were taken out for export - since goods are not cleared for DTA, demand of duty set aside.

Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

Disallowance of assessee’s claim in respect of its liquidated damages - Revenue argument that these liquidated damages are only in the nature of a provision is...

Reversal of CENVAT Credit - damage of raw material - demand invoking extended period of limitation confirmed - HC

Trademark infringement - Use of confusingly similar mark - Though the plaintiff needn’t prove actual damages suffered by him, it is imperative that the Court while...

Taxability of claim for damages - enhanced compensation - No amount has been received till date by the Assessee pertaining to the damages as claimed by the assessee -...

Payment of liquidated damages - Capital or Revenue in nature - the claim of assessee on liquidated damages deducted under the agreed condition of the contract is...

Denial of refund claim - Valuation - the liquidated damages (LD) had to be factored in to arrive at the correct transaction value which has to be treated as assessable...

Rate of GST - sale of rejected paddy seed - “Rejected paddy / Damaged paddy” per se supplied by the applicant, procured by them although merits classification under...

Clandestine production and removal - excesses and shortages in stock - The quantum of excess and shortages determined by the exercise of stock taking is negligible in...

Quick Updates: