Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The note records an ITAT ruling on banking and employee-benefit tax issues. Actuarially valued pension, leave-travel/home-travel, and other long-term employee benefit provisions were treated as ascertained liabilities and allowed, while privilege leave encashment remained deductible only on actual payment. Interest on NPAs and non-performing investments was taxed only on real income, and securities in AFS/HFT/HTM categories were accepted at lower of cost or market value. The Tribunal also held that MAT does not apply to corresponding new banks, upheld business-expediency deductions for staff welfare and retired employees' medical benefits, and remitted or rejected several claims for lack of verification or supporting material.
The note records an ITAT ruling on banking and employee-benefit tax issues. Actuarially valued pension, leave-travel/home-travel, and other long-term employee benefit provisions were treated as ascertained liabilities and allowed, while privilege leave encashment remained deductible only on actual payment. Interest on NPAs and non-performing investments was taxed only on real income, and securities in AFS/HFT/HTM categories were accepted at lower of cost or market value. The Tribunal also held that MAT does not apply to corresponding new banks, upheld business-expediency deductions for staff welfare and retired employees' medical benefits, and remitted or rejected several claims for lack of verification or supporting material.
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