Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Business loss was disallowed on the premise that it was not genuine; applying s.28, the forum held that real revenue losses incidental to trade are deductible unless expressly barred, and found the disallowance conjectural and contrary to settled law, directing allowance of the loss in full. ESOP cross-charge was treated as notional; relying on prior year orders and the principle that "expenditure" under s.37 includes such employee compensation cost, the deduction for ESOP expense was allowed. Reimbursement of ESOP cost to the parent was held not to be consideration for services and made cost-to-cost; hence no TDS obligation arose under s.195 and the revenue's challenge failed. Manpower expenses were supported by contracts, invoices, statutory records and banking/TDS trail; later non-traceability of a vendor was insufficient absent evidence of cash-back, so the addition was deleted. - ITAT
Business loss was disallowed on the premise that it was not genuine; applying s.28, the forum held that real revenue losses incidental to trade are deductible unless expressly barred, and found the disallowance conjectural and contrary to settled law, directing allowance of the loss in full. ESOP cross-charge was treated as notional; relying on prior year orders and the principle that "expenditure" under s.37 includes such employee compensation cost, the deduction for ESOP expense was allowed. Reimbursement of ESOP cost to the parent was held not to be consideration for services and made cost-to-cost; hence no TDS obligation arose under s.195 and the revenue's challenge failed. Manpower expenses were supported by contracts, invoices, statutory records and banking/TDS trail; later non-traceability of a vendor was insufficient absent evidence of cash-back, so the addition was deleted. - ITAT
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