Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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ITAT upheld the deletion of the addition relating to a notional foreign-exchange loss on restatement of liabilities and assets, finding the assessee had pleaded and reconciled contract liabilities and applied AS-11 such that the alleged loss was revenue in nature and properly accrued; the CIT(A)'s deletion was affirmed. ITAT also affirmed deletion of the disallowance for interest on a residential property, accepting its inclusion in the relevant block of assets. The Tribunal partly sustained the Revenue on directors' foreign-travel expenses, imposing an additional disallowance of Rs.2,00,000 above the disallowed Rs.51,20,000. The section 14A read with Rule 8D addition was deleted for want of AO's satisfaction and proof of nexus.
ITAT upheld the deletion of the addition relating to a notional foreign-exchange loss on restatement of liabilities and assets, finding the assessee had pleaded and reconciled contract liabilities and applied AS-11 such that the alleged loss was revenue in nature and properly accrued; the CIT(A)'s deletion was affirmed. ITAT also affirmed deletion of the disallowance for interest on a residential property, accepting its inclusion in the relevant block of assets. The Tribunal partly sustained the Revenue on directors' foreign-travel expenses, imposing an additional disallowance of Rs.2,00,000 above the disallowed Rs.51,20,000. The section 14A read with Rule 8D addition was deleted for want of AO's satisfaction and proof of nexus.
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