Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Revision under s.263 was examined on multiple deductions. Corporate club membership fees were held to be business expenditure under s.37(1), supported by binding precedent, hence the AO's allowance was not "erroneous"; revision was set aside on this issue. ESOP expense was treated as incurred in the course of business with nexus to employee compensation and consistent judicial acceptance; the AO's view was plausible, so revision failed on this issue. CSR outgo, once disallowed under s.37(1), could still qualify for s.80G if conditions were met; mere difference of opinion could not sustain s.263, so revision was quashed. Stock exchange "penalties" were compensatory charges for procedural lapses, not hit by Expln.1 to s.37(1); revision was rejected. Interest under s.36(1)(iii) lacked nexus with CWIP; proviso was inapplicable and revision was invalid; assessee's appeal allowed. - ITAT
Revision under s.263 was examined on multiple deductions. Corporate club membership fees were held to be business expenditure under s.37(1), supported by binding precedent, hence the AO's allowance was not "erroneous"; revision was set aside on this issue. ESOP expense was treated as incurred in the course of business with nexus to employee compensation and consistent judicial acceptance; the AO's view was plausible, so revision failed on this issue. CSR outgo, once disallowed under s.37(1), could still qualify for s.80G if conditions were met; mere difference of opinion could not sustain s.263, so revision was quashed. Stock exchange "penalties" were compensatory charges for procedural lapses, not hit by Expln.1 to s.37(1); revision was rejected. Interest under s.36(1)(iii) lacked nexus with CWIP; proviso was inapplicable and revision was invalid; assessee's appeal allowed. - ITAT
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