Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Rectification proceedings invoked to recompute depreciation were held beyond the scope of the apparent mistake remedy because such powers address only manifest errors on the record and not detailed re-assessment; consequence: rectification to re-compute depreciation is invalid. Reopening of assessment was invalidated where the reasons and supervisory approval relied on incorrect AY references and unchecked figures, demonstrating non-application of mind and reliance on irrelevant information; consequence: the reopening notice vitiated for want of proper jurisdictional foundation and in favour of the assessee.
Rectification proceedings invoked to recompute depreciation were held beyond the scope of the apparent mistake remedy because such powers address only manifest errors on the record and not detailed re-assessment; consequence: rectification to re-compute depreciation is invalid. Reopening of assessment was invalidated where the reasons and supervisory approval relied on incorrect AY references and unchecked figures, demonstrating non-application of mind and reliance on irrelevant information; consequence: the reopening notice vitiated for want of proper jurisdictional foundation and in favour of the assessee.
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