Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
SC dismissed the SLP due to a 295-day delay in filing, which remained unexplained by the petitioners. The underlying tax matter concerned an assessment order under Section 144C, where the FAO's order was deemed time-barred two years after DRP directions. The HC previously ruled that the original return of income must be accepted, entitling the petitioner to a refund with applicable interest. The procedural requirement mandated completion within 30 days of the order's upload. The SLP was consequently rejected on procedural grounds of delay, without examining the substantive tax dispute.
SC dismissed the SLP due to a 295-day delay in filing, which remained unexplained by the petitioners. The underlying tax matter concerned an assessment order under Section 144C, where the FAO's order was deemed time-barred two years after DRP directions. The HC previously ruled that the original return of income must be accepted, entitling the petitioner to a refund with applicable interest. The procedural requirement mandated completion within 30 days of the order's upload. The SLP was consequently rejected on procedural grounds of delay, without examining the substantive tax dispute.
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