Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a consistent practice and a previous favorable decision by the ITAT Nagpur. Despite the Revenue's contestation based on accounting principles, the Tribunal upheld the CIT(A)'s decision in favor of the assessee, emphasizing consistency with past rulings. As a result, the Tribunal dismissed the Revenue's appeal, affirming the allowance of prior period expenses for the relevant assessment year.
Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a consistent practice and a previous favorable decision by the ITAT Nagpur. Despite the Revenue's contestation based on accounting principles, the Tribunal upheld the CIT(A)'s decision in favor of the assessee, emphasizing consistency with past rulings. As a result, the Tribunal dismissed the Revenue's appeal, affirming the allowance of prior period expenses for the relevant assessment year.
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