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...
Inordinate delay of about 11 years was not condoned because a vague explanation based on ignorance of tax procedure, wrong advice and change of consultant did not show sufficient cause for the entire period; the appeal was therefore time-barred and not examined on merits. On the double taxation issue, the Tribunal accepted that the surrendered income in AY 2010-11 appeared to have been taxed again in reopened earlier years, applied the rule that the same income can be taxed only once, and directed deletion of the addition subject to verification that the amounts were identical.
Inordinate delay of about 11 years was not condoned because a vague explanation based on ignorance of tax procedure, wrong advice and change of consultant did not show sufficient cause for the entire period; the appeal was therefore time-barred and not examined on merits. On the double taxation issue, the Tribunal accepted that the surrendered income in AY 2010-11 appeared to have been taxed again in reopened earlier years, applied the rule that the same income can be taxed only once, and directed deletion of the addition subject to verification that the amounts were identical.
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