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...
Income tax treatment of membership fees received in advance: The membership fees comprise a non-refundable portion and an advance amount for availing discounted services. The non-refundable portion is taxable upfront, while the advance amount is taxable on a deferred basis over the service period, unless there is evidence of a different revenue recognition pattern. The assessee's methodology of offering the entire amount to tax has been accepted by the Revenue authorities in previous years. Disallowance u/s 14A: No disallowance is required u/s 14A in the absence of any exempt income earned by the assessee. Interest paid on plot installments: The interest expenditure incurred on acquisition of a capital asset is not allowable as a deduction under the proviso to Section 36(1)(iii). The interest cost should be added to the cost of the land acquired. Ad-hoc disallowance of expenses: No ad-hoc disallowance of expenses, such as 5% of business promotion, traveling, and telephone expenses, is permissible without providing a rationale for such disallowance. TDS on credit card transaction charges: As per Notification No. 56/2012 and the Delhi High Court's decision in JDS Apparels Pvt. Ltd., no TDS is required to be deducted u/s 194H on transaction charges levied by banks on credit card payments received from customers.
Income tax treatment of membership fees received in advance: The membership fees comprise a non-refundable portion and an advance amount for availing discounted services. The non-refundable portion is taxable upfront, while the advance amount is taxable on a deferred basis over the service period, unless there is evidence of a different revenue recognition pattern. The assessee's methodology of offering the entire amount to tax has been accepted by the Revenue authorities in previous years. Disallowance u/s 14A: No disallowance is required u/s 14A in the absence of any exempt income earned by the assessee. Interest paid on plot installments: The interest expenditure incurred on acquisition of a capital asset is not allowable as a deduction under the proviso to Section 36(1)(iii). The interest cost should be added to the cost of the land acquired. Ad-hoc disallowance of expenses: No ad-hoc disallowance of expenses, such as 5% of business promotion, traveling, and telephone expenses, is permissible without providing a rationale for such disallowance. TDS on credit card transaction charges: As per Notification No. 56/2012 and the Delhi High Court's decision in JDS Apparels Pvt. Ltd., no TDS is required to be deducted u/s 194H on transaction charges levied by banks on credit card payments received from customers.
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