Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
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Customs exemption for imported inputs used by a 100% Export Oriented Unit extends under Notification No. 52/2003-Cus. to waste and scrap generated during manufacture. The controlling condition is that the imported goods are used to manufacture finished goods. Waste exceeding prescribed norms does not by itself defeat exemption where it is not removed without permission and is cleared on payment of applicable duty. The High Court found no legal infirmity in deletion of the customs-duty demand and dismissed the tax appeal, holding that no substantial question of law arose.
Customs exemption for imported inputs used by a 100% Export Oriented Unit extends under Notification No. 52/2003-Cus. to waste and scrap generated during manufacture. The controlling condition is that the imported goods are used to manufacture finished goods. Waste exceeding prescribed norms does not by itself defeat exemption where it is not removed without permission and is cleared on payment of applicable duty. The High Court found no legal infirmity in deletion of the customs-duty demand and dismissed the tax appeal, holding that no substantial question of law arose.
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