Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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Unclaimed student caution money held by a charitable trust was treated as a refundable security deposit and not as a trading liability or an amount on which deduction had earlier been allowed. As the amount was neither forfeited nor written back and the trust continued to recognise it in its books, there was no remission or cessation of liability; mere lapse of time did not extinguish the debt, so the addition under section 41(1) failed. On interest paid to specified persons, the Tribunal upheld the finding that the rate was excessive, and the surviving disallowance under section 40A(2) was sustained.
Unclaimed student caution money held by a charitable trust was treated as a refundable security deposit and not as a trading liability or an amount on which deduction had earlier been allowed. As the amount was neither forfeited nor written back and the trust continued to recognise it in its books, there was no remission or cessation of liability; mere lapse of time did not extinguish the debt, so the addition under section 41(1) failed. On interest paid to specified persons, the Tribunal upheld the finding that the rate was excessive, and the surviving disallowance under section 40A(2) was sustained.
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