Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Dominant issue: whether "other expenses" debited to P&L but subsequently capitalized as project cost could be disallowed. Reasoning: AO failed to verify documentary evidence and ignored audited financial statements; CIT(A)'s reliance on P&L debit was without proper appreciation. Outcome: matter remanded to assessing officer for limited verification and enquiry, not sustained as disallowance. Secondary issue: whether section 41(1) applies for cessation of liability where creditor wrote off the debt. Reasoning: liability continued in assessee's books with no unilateral remission or bilateral settlement; creditor's write-off alone does not extinguish liability and natural justice was violated by relying solely on creditor's assessment. Outcome: s.41(1) disallowance held not attracted; decision for assessee. - ITAT
Dominant issue: whether "other expenses" debited to P&L but subsequently capitalized as project cost could be disallowed. Reasoning: AO failed to verify documentary evidence and ignored audited financial statements; CIT(A)'s reliance on P&L debit was without proper appreciation. Outcome: matter remanded to assessing officer for limited verification and enquiry, not sustained as disallowance. Secondary issue: whether section 41(1) applies for cessation of liability where creditor wrote off the debt. Reasoning: liability continued in assessee's books with no unilateral remission or bilateral settlement; creditor's write-off alone does not extinguish liability and natural justice was violated by relying solely on creditor's assessment. Outcome: s.41(1) disallowance held not attracted; decision for assessee. - ITAT
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