Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted the sale proceeds against loan to HPGPL, there is diversion of income by overriding title. - Since in the present case holding company’s loss was adjusted upon by e-auctioned of the property for an amount of ₹ 296 crores, the assessee-company’s share out of the same as per the facilitation agreement clearly accrued to the assessee-company. If the assessee-company did not press for or forwent its claim it cannot be diversion of income by overriding title. - But it will be treated as application of income.
Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted the sale proceeds against loan to HPGPL, there is diversion of income by overriding title. - Since in the present case holding company’s loss was adjusted upon by e-auctioned of the property for an amount of ₹ 296 crores, the assessee-company’s share out of the same as per the facilitation agreement clearly accrued to the assessee-company. If the assessee-company did not press for or forwent its claim it cannot be diversion of income by overriding title. - But it will be treated as application of income.
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