Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Higher depreciation was allowed for commercial vehicles acquired...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Higher depreciation was allowed for commercial vehicles acquired during the specified period and included in the relevant asset block. Warranty provisions were allowed because they were scientifically determined, consistently applied and inextricably linked to sales rather than contingent liabilities. For approved in-house research facilities, approval of the facility was treated as material, while the difference between approved and incurred expenditure was remitted for limited verification. Expenditure disallowance relating to exempt income was deleted: joint-venture investments produced no exempt income, and interest-free funds exceeded investments yielding exempt income. The deduction for employing new workmen was allowed consistently with earlier years. Both appeals succeeded, subject to limited verification of the research deduction.
Higher depreciation was allowed for commercial vehicles acquired during the specified period and included in the relevant asset block. Warranty provisions were allowed because they were scientifically determined, consistently applied and inextricably linked to sales rather than contingent liabilities. For approved in-house research facilities, approval of the facility was treated as material, while the difference between approved and incurred expenditure was remitted for limited verification. Expenditure disallowance relating to exempt income was deleted: joint-venture investments produced no exempt income, and interest-free funds exceeded investments yielding exempt income. The deduction for employing new workmen was allowed consistently with earlier years. Both appeals succeeded, subject to limited verification of the research deduction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
