Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
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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