Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Royalty, franchise fee and related marketing spend were not includible in customs assessable value unless the payment was related to the imported goods and made as a condition of sale. The franchise fee here was paid for post-import rights to sell, distribute and promote branded goods in India, so it did not form part of transaction value. Advertisement, promotion and corporate marketing expenditure incurred by the buyer on its own account, and not to satisfy any obligation of the foreign seller, was likewise excluded. The extended period of limitation was unavailable because the import and valuation facts were already within Revenue's knowledge; confiscation, redemption fine and penalty were therefore set aside.
Royalty, franchise fee and related marketing spend were not includible in customs assessable value unless the payment was related to the imported goods and made as a condition of sale. The franchise fee here was paid for post-import rights to sell, distribute and promote branded goods in India, so it did not form part of transaction value. Advertisement, promotion and corporate marketing expenditure incurred by the buyer on its own account, and not to satisfy any obligation of the foreign seller, was likewise excluded. The extended period of limitation was unavailable because the import and valuation facts were already within Revenue's knowledge; confiscation, redemption fine and penalty were therefore set aside.
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