Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Obsolete telecom-related inventory may be written down to nil under a consistently applied lower-of-cost-or-net-realisable-value method where physical verification, item-wise particulars, audited-account disclosures and business discontinuance support that valuation. Inventory should not be carried above the amount expected from sale or use. A higher assumed scrap or realisable value requires positive evidence, such as an independent valuation, market quotation, comparable sale or identified purchaser; absence of a technical certificate or separate bank communication does not by itself displace a supported valuation. The Revenue bears the burden of proving a higher net realisable value once the valuation basis is reasonably demonstrated.
Obsolete telecom-related inventory may be written down to nil under a consistently applied lower-of-cost-or-net-realisable-value method where physical verification, item-wise particulars, audited-account disclosures and business discontinuance support that valuation. Inventory should not be carried above the amount expected from sale or use. A higher assumed scrap or realisable value requires positive evidence, such as an independent valuation, market quotation, comparable sale or identified purchaser; absence of a technical certificate or separate bank communication does not by itself displace a supported valuation. The Revenue bears the burden of proving a higher net realisable value once the valuation basis is reasonably demonstrated.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
