Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Insurance compensation for fire damage to stock and business interiors should not be separately added to business income where it has already been adjusted against the loss and only the net loss is debited in the profit and loss account; a further addition would duplicate taxation while ignoring the corresponding loss. The discussion distinguishes such compensation from compensation for loss of a capital asset and therefore from capital-gains treatment. It also states that an appellate authority should not sustain an addition on a wholly different basis without addressing the assessment's original foundation. Deletion of the related quantum addition removes the basis for a concealment penalty.
Insurance compensation for fire damage to stock and business interiors should not be separately added to business income where it has already been adjusted against the loss and only the net loss is debited in the profit and loss account; a further addition would duplicate taxation while ignoring the corresponding loss. The discussion distinguishes such compensation from compensation for loss of a capital asset and therefore from capital-gains treatment. It also states that an appellate authority should not sustain an addition on a wholly different basis without addressing the assessment's original foundation. Deletion of the related quantum addition removes the basis for a concealment penalty.
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