Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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...
Revenue recognition based on Accounting Standard (AS) 7 for advance received from customers under contracts - assessee followed Percentage Completion Method (PCM) substantiated with sample contracts and explanations filed with tax authorities. Unadjusted advances shown as current liabilities, unbilled revenue as current assets. Method consistently followed and approved by Tribunal in earlier years to match costs with revenues. Advance received for Annual Maintenance Contracts (AMC) accounted as per AS-9, proportionately transferred to revenue each month. Method approved by Tribunal for previous years. Disallowance of TDS recoverable written off covered by assessee's own case. Depreciation claim on intangible assets like know-how, business contracts allowed based on court decisions in assessee's and other cases. Goodwill held as depreciable asset following Supreme Court ruling.
Revenue recognition based on Accounting Standard (AS) 7 for advance received from customers under contracts - assessee followed Percentage Completion Method (PCM) substantiated with sample contracts and explanations filed with tax authorities. Unadjusted advances shown as current liabilities, unbilled revenue as current assets. Method consistently followed and approved by Tribunal in earlier years to match costs with revenues. Advance received for Annual Maintenance Contracts (AMC) accounted as per AS-9, proportionately transferred to revenue each month. Method approved by Tribunal for previous years. Disallowance of TDS recoverable written off covered by assessee's own case. Depreciation claim on intangible assets like know-how, business contracts allowed based on court decisions in assessee's and other cases. Goodwill held as depreciable asset following Supreme Court ruling.
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