Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Expenditure incurred to implement a contractual closure of a business undertaking is not deductible under section 37(1), as that provision requires expenditure wholly and exclusively incurred for carrying on business rather than bringing an undertaking to an end. Common management of the closed and continuing divisions does not satisfy this requirement; the closure-payment disallowance was therefore restored. Foreign exchange fluctuation on imports must be determined from actual liabilities under individual transactions where book figures are available. As the fluctuation on capital goods had been capitalised and the claimed loss related to spares and consumables, with no contrary Revenue evidence, the estimated disallowance was unsustainable and its deletion was upheld.
Expenditure incurred to implement a contractual closure of a business undertaking is not deductible under section 37(1), as that provision requires expenditure wholly and exclusively incurred for carrying on business rather than bringing an undertaking to an end. Common management of the closed and continuing divisions does not satisfy this requirement; the closure-payment disallowance was therefore restored. Foreign exchange fluctuation on imports must be determined from actual liabilities under individual transactions where book figures are available. As the fluctuation on capital goods had been capitalised and the claimed loss related to spares and consumables, with no contrary Revenue evidence, the estimated disallowance was unsustainable and its deletion was upheld.
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