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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
The HC upheld the findings of the CIT(A) and ITAT that the transfer of divisions to two companies did not constitute a 'demerger' under Section 72A(4) of the IT Act. The court confirmed that for Section 72A(4) to apply, there must be a transfer of all assets and liabilities of the division to the resulting company, and consideration must be paid by share issuance to the shareholders of the demerged company. Here, only specified assets and liabilities were transferred, and consideration was paid in cash, approved under company law. Consequently, carry forward of business loss and unabsorbed depreciation was permitted, and no substantial question of law arose.
The HC upheld the findings of the CIT(A) and ITAT that the transfer of divisions to two companies did not constitute a 'demerger' under Section 72A(4) of the IT Act. The court confirmed that for Section 72A(4) to apply, there must be a transfer of all assets and liabilities of the division to the resulting company, and consideration must be paid by share issuance to the shareholders of the demerged company. Here, only specified assets and liabilities were transferred, and consideration was paid in cash, approved under company law. Consequently, carry forward of business loss and unabsorbed depreciation was permitted, and no substantial question of law arose.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
