Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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Absence of separate books for the LIC commission activity justified only an estimated deduction, and the existing disallowance was upheld because the allowed amount broadly matched the admissible estimate on gross commission. Margin shortfall charges paid to NCDEX were treated as compensatory, not as expenditure for an offence or prohibited act, so they were held allowable as business expenditure and the disallowance was deleted. An ad hoc interest disallowance on borrowed funds was also deleted because the borrowings were shown to be absorbed in business assets and receivables, no specific non-business advance was identified, and the books were not found defective.
Absence of separate books for the LIC commission activity justified only an estimated deduction, and the existing disallowance was upheld because the allowed amount broadly matched the admissible estimate on gross commission. Margin shortfall charges paid to NCDEX were treated as compensatory, not as expenditure for an offence or prohibited act, so they were held allowable as business expenditure and the disallowance was deleted. An ad hoc interest disallowance on borrowed funds was also deleted because the borrowings were shown to be absorbed in business assets and receivables, no specific non-business advance was identified, and the books were not found defective.
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