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...
Foreign exchange fluctuation loss on year-end restatement of an external commercial borrowing used to acquire capital assets remains in the capital field. The notes state that, although the borrowing from the parent company was subsequently converted into equity shares, the loss retained its capital character because the borrowing was obtained for capital assets. Following earlier Tribunal orders in the same taxpayer's case, the loss could not be claimed as business expenditure under the Act. The disallowance was sustained and the appeal was dismissed.
Foreign exchange fluctuation loss on year-end restatement of an external commercial borrowing used to acquire capital assets remains in the capital field. The notes state that, although the borrowing from the parent company was subsequently converted into equity shares, the loss retained its capital character because the borrowing was obtained for capital assets. Following earlier Tribunal orders in the same taxpayer's case, the loss could not be claimed as business expenditure under the Act. The disallowance was sustained and the appeal was dismissed.
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