Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Assessee developed intangible assets by incurring expenditure and valued them based on historical cost as per Accounting Standard (AS)-26, which prescribes cost basis for internally generated intangible assets. Commissioner of Income Tax (CIT) erroneously believed assessee did not follow AS-26 and valuation method was incorrect. Tribunal held assessee's valuation method complied with AS-26, CIT's assumption of jurisdiction u/s 263 was flawed and based on incorrect understanding of AS-26. Regarding depreciation, expenses incurred for intangible assets were genuine business expenses. Disallowing depreciation would result in allowing expenses u/s 37(1), benefiting assessee. CIT did not address assessee's contentions properly. Tribunal set aside CIT's revisionary order as unsustainable in law.
Assessee developed intangible assets by incurring expenditure and valued them based on historical cost as per Accounting Standard (AS)-26, which prescribes cost basis for internally generated intangible assets. Commissioner of Income Tax (CIT) erroneously believed assessee did not follow AS-26 and valuation method was incorrect. Tribunal held assessee's valuation method complied with AS-26, CIT's assumption of jurisdiction u/s 263 was flawed and based on incorrect understanding of AS-26. Regarding depreciation, expenses incurred for intangible assets were genuine business expenses. Disallowing depreciation would result in allowing expenses u/s 37(1), benefiting assessee. CIT did not address assessee's contentions properly. Tribunal set aside CIT's revisionary order as unsustainable in law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
