Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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A binding advance pricing agreement covering the relevant intra-group second line support services prevented disallowance of the related expenditure on business expediency grounds. The Tribunal held that, once a transaction falls within an APA, it binds both the Department and the assessee because the APA process already examines functions, assets, risks, benefit, and cost allocation; that itself establishes business purpose. The Assessing Officer could not ignore the APA and disallow the expenditure under section 37(1), particularly where no reasons were recorded for the disallowance and similar expenditure had been accepted in earlier years. The disallowance was deleted and the assessee's claim was allowed.
A binding advance pricing agreement covering the relevant intra-group second line support services prevented disallowance of the related expenditure on business expediency grounds. The Tribunal held that, once a transaction falls within an APA, it binds both the Department and the assessee because the APA process already examines functions, assets, risks, benefit, and cost allocation; that itself establishes business purpose. The Assessing Officer could not ignore the APA and disallow the expenditure under section 37(1), particularly where no reasons were recorded for the disallowance and similar expenditure had been accepted in earlier years. The disallowance was deleted and the assessee's claim was allowed.
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