Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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 
of 4805
Join Channel
TaxTMI 
