Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Expenditure on an abandoned towel-manufacturing expansion within an existing textile business was deductible as revenue expenditure because no completed capital asset or enduring advantage arose. Its initial classification as capital work-in-progress did not determine its character, which depended on its purpose and business context. The matching principle could not restrict a statutory deduction or compel spreading of expenditure; it applies only where the taxpayer elects to spread costs and the relevant conditions are met. The write-off was allowable in the relevant year, and the disallowance was deleted.
Expenditure on an abandoned towel-manufacturing expansion within an existing textile business was deductible as revenue expenditure because no completed capital asset or enduring advantage arose. Its initial classification as capital work-in-progress did not determine its character, which depended on its purpose and business context. The matching principle could not restrict a statutory deduction or compel spreading of expenditure; it applies only where the taxpayer elects to spread costs and the relevant conditions are met. The write-off was allowable in the relevant year, and the disallowance was deleted.
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