Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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In the High Court case, the issues addressed included the taxability of pre-payment of sales tax liability, benefits from DEPB License/Focus Market Licenses, and loss of profit due to fire without insurance recovery. The court held that the pre-paid sales tax amount saved by the assessee was a capital receipt, not taxable as revenue. Benefits from licenses were deemed hypothetical income until actual realization, not taxable. Loss of profit due to fire without insurance recovery was not taxable as income until it was enforceable. The court referred to relevant legal precedents to support these decisions. The Revenue appeal was dismissed.
In the High Court case, the issues addressed included the taxability of pre-payment of sales tax liability, benefits from DEPB License/Focus Market Licenses, and loss of profit due to fire without insurance recovery. The court held that the pre-paid sales tax amount saved by the assessee was a capital receipt, not taxable as revenue. Benefits from licenses were deemed hypothetical income until actual realization, not taxable. Loss of profit due to fire without insurance recovery was not taxable as income until it was enforceable. The court referred to relevant legal precedents to support these decisions. The Revenue appeal was dismissed.
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