Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Survey-disclosed income accepted as business income remains eligible for the regular deductions available under the Act, including partners' remuneration under section 40(b). The HC held that once the appellate authorities had finally treated the surrendered amount as business income, the assessee could not be denied the deduction merely because the excess stock was not explained at the time of survey or because the income had earlier remained unrecorded. The Tribunal was therefore wrong to refuse the deduction, and relief for partners' remuneration had to be allowed on that disclosed business income.
Survey-disclosed income accepted as business income remains eligible for the regular deductions available under the Act, including partners' remuneration under section 40(b). The HC held that once the appellate authorities had finally treated the surrendered amount as business income, the assessee could not be denied the deduction merely because the excess stock was not explained at the time of survey or because the income had earlier remained unrecorded. The Tribunal was therefore wrong to refuse the deduction, and relief for partners' remuneration had to be allowed on that disclosed business income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
