Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
This case deals with the applicability of customs duty exemption under Notification No. 12/2012-Cus for imports made before and after its amendment by Notification No. 06/2017-Cus, and the applicability of depreciation provisions under Clause (e) of Condition 40A post-amendment. The key points are: Prior to the amendment, the exemption was available without any depreciation clause, as per the CLOUGH ENGINEERING LTD. case. After the amendment, duty became payable on leftover goods with prescribed depreciation rates. The confiscation demand and penalties were set aside, as the notification itself foresaw the possibility of leftovers and disposal. The case was remanded for fresh adjudication considering the depreciation provisions for post-amendment imports.
This case deals with the applicability of customs duty exemption under Notification No. 12/2012-Cus for imports made before and after its amendment by Notification No. 06/2017-Cus, and the applicability of depreciation provisions under Clause (e) of Condition 40A post-amendment. The key points are: Prior to the amendment, the exemption was available without any depreciation clause, as per the CLOUGH ENGINEERING LTD. case. After the amendment, duty became payable on leftover goods with prescribed depreciation rates. The confiscation demand and penalties were set aside, as the notification itself foresaw the possibility of leftovers and disposal. The case was remanded for fresh adjudication considering the depreciation provisions for post-amendment imports.
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