Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
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...
Whether waiver of non-convertible debentures constituted taxable revenue receipt under s.28(iv) or required inclusion under s.41(1): relying on SC precedent that s.28(iv) does not apply to monetary receipts and on record showing the instrument was borrowing with no interest charged to P&L, the waiver is not exigible under s.28(iv) or s.41(1); addition of Rs.75 lakh is deleted. Whether carried forward business losses and unabsorbed depreciation were allowable: return schedules (CFL and UD) substantiate claimed carryforwards and AO/CIT(A) offered no valid rebuttal, so carryforward losses and unabsorbed depreciation must be allowed. - ITAT
Whether waiver of non-convertible debentures constituted taxable revenue receipt under s.28(iv) or required inclusion under s.41(1): relying on SC precedent that s.28(iv) does not apply to monetary receipts and on record showing the instrument was borrowing with no interest charged to P&L, the waiver is not exigible under s.28(iv) or s.41(1); addition of Rs.75 lakh is deleted. Whether carried forward business losses and unabsorbed depreciation were allowable: return schedules (CFL and UD) substantiate claimed carryforwards and AO/CIT(A) offered no valid rebuttal, so carryforward losses and unabsorbed depreciation must be allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
