Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Non-compete fee paid by an assessee was examined for classification as capital or revenue expenditure. The enduring benefit test was held non-determinative where the advantage is not in the capital field; since the payment only kept a potential competitor at bay, did not create a monopoly, did not result in acquisition of a new business, and did not add to the profit-making apparatus, it was held allowable as revenue expenditure under s. 37(1), and the contrary view was set aside. Interest on borrowed funds used to acquire shares in a subsidiary/associate to obtain controlling interest was held incurred for commercial expediency; interest deduction under s. 36(1)(iii) was allowed and the revenue's challenge dismissed. - SC
Non-compete fee paid by an assessee was examined for classification as capital or revenue expenditure. The enduring benefit test was held non-determinative where the advantage is not in the capital field; since the payment only kept a potential competitor at bay, did not create a monopoly, did not result in acquisition of a new business, and did not add to the profit-making apparatus, it was held allowable as revenue expenditure under s. 37(1), and the contrary view was set aside. Interest on borrowed funds used to acquire shares in a subsidiary/associate to obtain controlling interest was held incurred for commercial expediency; interest deduction under s. 36(1)(iii) was allowed and the revenue's challenge dismissed. - SC
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