Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Low household withdrawals were treated as unjustified where the assessee showed substantially lower withdrawals than in the preceding year and produced no evidence that the spouse met household expenses, so the Revenue's estimation was upheld. Year-end trade and expense creditors were not assessable as unexplained cash credits under section 68 because the assessment accepted the transaction credits but rejected only the unpaid balances without reason, and the outstanding amounts were later paid through banking channels. Freight expenditure was disallowed under section 40(a)(ia) because tax had not been deducted at source and the transporters' declarations under section 194C(6) were incomplete and appeared afterthoughts, so the disallowance was sustained.
Low household withdrawals were treated as unjustified where the assessee showed substantially lower withdrawals than in the preceding year and produced no evidence that the spouse met household expenses, so the Revenue's estimation was upheld. Year-end trade and expense creditors were not assessable as unexplained cash credits under section 68 because the assessment accepted the transaction credits but rejected only the unpaid balances without reason, and the outstanding amounts were later paid through banking channels. Freight expenditure was disallowed under section 40(a)(ia) because tax had not been deducted at source and the transporters' declarations under section 194C(6) were incomplete and appeared afterthoughts, so the disallowance was sustained.
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