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...
Income tax returns are an important reference point for assessing annual income under the Motor Vehicles Act, but no rigid formula applies. For salaried claimants, the immediately preceding return will ordinarily suffice. For self-employed persons, the proper basis is the average of up to the previous three years' returns, read with the nature, growth and future potential of the business, initial losses or negative income, and other surrounding circumstances. Applying that approach, the deceased's construction business income could not be fixed by a mechanical average alone, so the annual income was reassessed at a higher figure and compensation enhanced with interest as awarded.
Income tax returns are an important reference point for assessing annual income under the Motor Vehicles Act, but no rigid formula applies. For salaried claimants, the immediately preceding return will ordinarily suffice. For self-employed persons, the proper basis is the average of up to the previous three years' returns, read with the nature, growth and future potential of the business, initial losses or negative income, and other surrounding circumstances. Applying that approach, the deceased's construction business income could not be fixed by a mechanical average alone, so the annual income was reassessed at a higher figure and compensation enhanced with interest as awarded.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
