Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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Expenditure on software license fees paid periodically is revenue in nature and should be allowed as deduction. No disallowance u/r 8D(2)(ii) warranted when own funds exceed tax-free investments. Disallowance u/r 8D(2)(iii) to be recomputed considering only investments earning tax-free income, excluding growth funds, and suo moto disallowance by assessee. Issue of unutilized MODVAT credit restored to AO for denovo determination as per amended section 145A. Providing counter-guarantee to AE is an international transaction; ALP to be calculated at 0.5%. Delay in receipt of receivables from AE is an international transaction; interest to be charged at LIBOR+100 basis points after 60 days credit period. Provision for warranty remitted to AO to examine basis, actual expenditure, and allow as per law. Amalgamation expenses u/s 35DD restricted to 1/5th deduction for 5 years from year of amalgamation. TDS issue u/s 194H on commission payable to MD remitted to AO for denovo verification.
Expenditure on software license fees paid periodically is revenue in nature and should be allowed as deduction. No disallowance u/r 8D(2)(ii) warranted when own funds exceed tax-free investments. Disallowance u/r 8D(2)(iii) to be recomputed considering only investments earning tax-free income, excluding growth funds, and suo moto disallowance by assessee. Issue of unutilized MODVAT credit restored to AO for denovo determination as per amended section 145A. Providing counter-guarantee to AE is an international transaction; ALP to be calculated at 0.5%. Delay in receipt of receivables from AE is an international transaction; interest to be charged at LIBOR+100 basis points after 60 days credit period. Provision for warranty remitted to AO to examine basis, actual expenditure, and allow as per law. Amalgamation expenses u/s 35DD restricted to 1/5th deduction for 5 years from year of amalgamation. TDS issue u/s 194H on commission payable to MD remitted to AO for denovo verification.
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