Strict construction of customs exemptions denied concession for brake components, while limitation restricted differential duty to timely Bills of Ent...
Way Leave Permissions cannot be retrospectively revived through insolvency plans, and affected infrastructure holders require safety review and hearin...
Inter-terminal container movement requires customs escort, permit reconciliation, and indemnity, while delayed DPD cargo may move to designated CFS ya...
Section 50's deeming fiction treats gains on transfer of depreciable assets as short-term capital gains only for capital-gains computation. It does not exclude commercial profit credited to the Profit and Loss Account from book profit used to determine the ceiling on working partners' remuneration. Explanation 3 to section 40(b) starts with net profit in the Profit and Loss Account, subject to Chapter IV-D adjustments and add-back of remuneration already deducted, rather than excluding receipts taxable under another income head. Profit from sale of depreciable shop premises therefore remained in book profit, making the claimed partners' remuneration within the statutory ceiling and requiring deletion of the disallowance.
Section 50's deeming fiction treats gains on transfer of depreciable assets as short-term capital gains only for capital-gains computation. It does not exclude commercial profit credited to the Profit and Loss Account from book profit used to determine the ceiling on working partners' remuneration. Explanation 3 to section 40(b) starts with net profit in the Profit and Loss Account, subject to Chapter IV-D adjustments and add-back of remuneration already deducted, rather than excluding receipts taxable under another income head. Profit from sale of depreciable shop premises therefore remained in book profit, making the claimed partners' remuneration within the statutory ceiling and requiring deletion of the disallowance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
