Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Page of 4816
Press 'Enter' after typing page number.
5461 to 5480 of 96301 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Provision for repair of unserviceable spare parts in an airline business was treated as an allowable business expenditure rather than a mere contingent liability, because the Tribunal found the inventory and repair outgo to be part of the ordinary recurring business cycle and accepted estimation-based provisioning under Bharat Earth Movers and Chainrup Sampatram. The disallowance was deleted, subject to proper computation in accordance with law. The claim for provision for obsolescence of Bid & Win inventory was rejected for the year under appeal, as the Department stated it had been accepted in the succeeding assessment year. Other disallowance grounds were not pressed before the CIT(A).
Provision for repair of unserviceable spare parts in an airline business was treated as an allowable business expenditure rather than a mere contingent liability, because the Tribunal found the inventory and repair outgo to be part of the ordinary recurring business cycle and accepted estimation-based provisioning under Bharat Earth Movers and Chainrup Sampatram. The disallowance was deleted, subject to proper computation in accordance with law. The claim for provision for obsolescence of Bid & Win inventory was rejected for the year under appeal, as the Department stated it had been accepted in the succeeding assessment year. Other disallowance grounds were not pressed before the CIT(A).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
