Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
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...
The case involves the disallowance of expenditure incurred during business setup. The Appellate Tribunal clarified that setup of business is distinct from commencement of business. Expenses post-setup are allowable even if no revenue is generated. The gestation period for business like the assessee's is long. The Tribunal held that actual business income generation is not essential for claiming business expenditure, focusing on whether the business is set-up. The Tribunal allowed revenue expenditure claimed post-setup date. Depreciation was allowed based on setup date. Disallowance of bonus under u/s 43B/36 was overturned as bonus is part of CTC and not profits. Addition on Short-Term Capital Gains was upheld as gains were offered under 'income from other sources' not as capital gains.
The case involves the disallowance of expenditure incurred during business setup. The Appellate Tribunal clarified that setup of business is distinct from commencement of business. Expenses post-setup are allowable even if no revenue is generated. The gestation period for business like the assessee's is long. The Tribunal held that actual business income generation is not essential for claiming business expenditure, focusing on whether the business is set-up. The Tribunal allowed revenue expenditure claimed post-setup date. Depreciation was allowed based on setup date. Disallowance of bonus under u/s 43B/36 was overturned as bonus is part of CTC and not profits. Addition on Short-Term Capital Gains was upheld as gains were offered under 'income from other sources' not as capital gains.
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