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...
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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