Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Section 3(b) contravention was sustained because the provision prohibits payment to, or for the credit of, a person resident outside India and does not require routing through a non-authorised person; however, the proprietrix's penalty on this count was reduced on the facts. Regulation 6(1) was held inapplicable to an individual resident proprietrix, so the penalty imposed under Section 10(6) read with Regulation 6(1) was deleted. Delayed settlement of import dues was treated as a contravention warranting penalty, but the quantum was substantially reduced for want of adequate pursuit in all respects. Separate penalties on the power of attorney holder were deleted because the attorney acted only as an agent and could not be treated as part of a body of individuals.
Section 3(b) contravention was sustained because the provision prohibits payment to, or for the credit of, a person resident outside India and does not require routing through a non-authorised person; however, the proprietrix's penalty on this count was reduced on the facts. Regulation 6(1) was held inapplicable to an individual resident proprietrix, so the penalty imposed under Section 10(6) read with Regulation 6(1) was deleted. Delayed settlement of import dues was treated as a contravention warranting penalty, but the quantum was substantially reduced for want of adequate pursuit in all respects. Separate penalties on the power of attorney holder were deleted because the attorney acted only as an agent and could not be treated as part of a body of individuals.
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