Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The Tribunal held that interest received from or paid to head office and overseas branches on the NOSTRO account was a self-to-self transaction governed by mutuality, so it was not taxable in the permanent establishment's hands and the related disallowance failed. On head office expenditure, it restored the matter for fresh examination because the disputed items had to be tested on the Supreme Court's interpretation of the statutory concept of head office expenditure; the royalty issue was to be considered only if the items fell outside that concept. It upheld deletion of the exempt-income disallowance where surplus interest-free funds exceeded the investments, sustained deduction of broken period interest, treated ATM software expenditure as revenue, and held that income taxed on a special gross basis is not exempt income.
The Tribunal held that interest received from or paid to head office and overseas branches on the NOSTRO account was a self-to-self transaction governed by mutuality, so it was not taxable in the permanent establishment's hands and the related disallowance failed. On head office expenditure, it restored the matter for fresh examination because the disputed items had to be tested on the Supreme Court's interpretation of the statutory concept of head office expenditure; the royalty issue was to be considered only if the items fell outside that concept. It upheld deletion of the exempt-income disallowance where surplus interest-free funds exceeded the investments, sustained deduction of broken period interest, treated ATM software expenditure as revenue, and held that income taxed on a special gross basis is not exempt income.
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