Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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...
Carry forward and set off of business losses u/s 32(2) is subject to the provisions of Sections 72(2) and 72(3). Depreciation allowance carried forward u/s 32(2), though deemed a business loss for Sections 71 and 72, can only be set off against profits or gains from any business or profession, and not against income from other sources. Section 72 is not always subject to Section 71, despite Section 32(2) permitting carry forward of depreciation allowance subject to Section 72. The High Court dismissed the writ petition, finding no error warranting exercise of jurisdiction under Article 226 of the Constitution.
Carry forward and set off of business losses u/s 32(2) is subject to the provisions of Sections 72(2) and 72(3). Depreciation allowance carried forward u/s 32(2), though deemed a business loss for Sections 71 and 72, can only be set off against profits or gains from any business or profession, and not against income from other sources. Section 72 is not always subject to Section 71, despite Section 32(2) permitting carry forward of depreciation allowance subject to Section 72. The High Court dismissed the writ petition, finding no error warranting exercise of jurisdiction under Article 226 of the Constitution.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
