Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
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