Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
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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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