Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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