Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Customs-duty liability for pilfered imported goods arises independently against a customs-area custodian once it has been approved under the Customs Act. A statutory Port Trust may be approved as a custodian because its conditional civil liability as bailee under the Major Port Trusts Act differs from the statutory obligation owed to Revenue for pilferage. The saving clause governing custodian approval does not prevent approval where the other enactment imposes no corresponding customs-duty liability. The overriding provision applies despite other laws, but liability for pilferage cannot arise for periods preceding the custodian's approval.
Customs-duty liability for pilfered imported goods arises independently against a customs-area custodian once it has been approved under the Customs Act. A statutory Port Trust may be approved as a custodian because its conditional civil liability as bailee under the Major Port Trusts Act differs from the statutory obligation owed to Revenue for pilferage. The saving clause governing custodian approval does not prevent approval where the other enactment imposes no corresponding customs-duty liability. The overriding provision applies despite other laws, but liability for pilferage cannot arise for periods preceding the custodian's approval.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
