Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
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Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period interest, the court affirmed the assessee's method of accounting, relying on previous decisions that allowed such deduction without resulting in revenue loss. On FCDs issue expenses, the court sided with the assessee, citing precedents that categorized such expenses as revenue expenditure eligible for deduction, rejecting the revenue department's contention that the intention was to increase capital. The court's decisions upheld the assessee's claims on both issues against the revenue authorities' objections.
Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period interest, the court affirmed the assessee's method of accounting, relying on previous decisions that allowed such deduction without resulting in revenue loss. On FCDs issue expenses, the court sided with the assessee, citing precedents that categorized such expenses as revenue expenditure eligible for deduction, rejecting the revenue department's contention that the intention was to increase capital. The court's decisions upheld the assessee's claims on both issues against the revenue authorities' objections.
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