Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Where the Department's remand report accepted the assessee's explanation on notional interest, ad hoc disallowance of expenses, and addition of trade payables, there was no basis to sustain any addition. The ITAT found no reason to interfere with the CIT(A)'s deletion of the additions relating to notional interest on interest-free advances to a subsidiary, power, fuel, administrative and repair ? Wait no. Use English. and trade payables, and upheld the deletion of all disputed adjustments.
Where the Department's remand report accepted the assessee's explanation on notional interest, ad hoc disallowance of expenses, and addition of trade payables, there was no basis to sustain any addition. The ITAT found no reason to interfere with the CIT(A)'s deletion of the additions relating to notional interest on interest-free advances to a subsidiary, power, fuel, administrative and repair ? Wait no. Use English. and trade payables, and upheld the deletion of all disputed adjustments.
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