Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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