Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Section 56(2)(ix) addition on alleged forfeited advance was held unsustainable because the amount received was not an "advance" for transfer of a capital asset but reimbursement/recovery of amounts earlier paid on behalf of the payer; the statutory precondition of receipt of advance was not met, so the addition was deleted. Disallowance under section 57 was rejected since the assessee had disclosed bank interest income and the bank transaction charges were incurred for earning such income and were supported by details; the deduction was allowed. Capital gains computation was corrected as the AO restricted cost of acquisition without reasons or breakup; full claimed cost was accepted, resulting in the declared capital loss being allowed. - ITAT
Section 56(2)(ix) addition on alleged forfeited advance was held unsustainable because the amount received was not an "advance" for transfer of a capital asset but reimbursement/recovery of amounts earlier paid on behalf of the payer; the statutory precondition of receipt of advance was not met, so the addition was deleted. Disallowance under section 57 was rejected since the assessee had disclosed bank interest income and the bank transaction charges were incurred for earning such income and were supported by details; the deduction was allowed. Capital gains computation was corrected as the AO restricted cost of acquisition without reasons or breakup; full claimed cost was accepted, resulting in the declared capital loss being allowed. - ITAT
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