Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
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The Delhi High Court addressed the issue of deduction u/s 11(1) concerning accumulation of 15% of deemed income. The court noted that Explanation 2, inserted by the Finance Act 2017, does not apply to the case at hand (AY 2009-10). The donations made by the respondent were not affected by Explanation 2 as they were not directed to specific institutions for corpus formation. The court explained that Section 11(2) allows for accumulation of income for charitable purposes. The donations made to other charitable institutions were not subject to adverse consequences u/s 11(3) as they were reversed within a short period. The court distinguished a previous case concerning Section 80T deductions, emphasizing the unique requirements of Section 11 for charitable institutions. The court ruled in favor of the assessee, rejecting the appellant's arguments.
The Delhi High Court addressed the issue of deduction u/s 11(1) concerning accumulation of 15% of deemed income. The court noted that Explanation 2, inserted by the Finance Act 2017, does not apply to the case at hand (AY 2009-10). The donations made by the respondent were not affected by Explanation 2 as they were not directed to specific institutions for corpus formation. The court explained that Section 11(2) allows for accumulation of income for charitable purposes. The donations made to other charitable institutions were not subject to adverse consequences u/s 11(3) as they were reversed within a short period. The court distinguished a previous case concerning Section 80T deductions, emphasizing the unique requirements of Section 11 for charitable institutions. The court ruled in favor of the assessee, rejecting the appellant's arguments.
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