Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
Terminal gate verification for transshipment containers shifts to operators, while Customs controls and discrepancy reporting requirements remain mand...
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Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee. The advances were given in the normal course of business out of commercial expediency which would have improved the profit-making apparatus without disturbing the capital setup of the assessee. There is no dispute that the said advances became irrecoverable and accordingly, the same were written-off in the books of accounts. - Thus advances lost during the course of business would be business losses and hence, an allowable deduction - AT
Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee. The advances were given in the normal course of business out of commercial expediency which would have improved the profit-making apparatus without disturbing the capital setup of the assessee. There is no dispute that the said advances became irrecoverable and accordingly, the same were written-off in the books of accounts. - Thus advances lost during the course of business would be business losses and hence, an allowable deduction - AT
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