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...
Whether goodwill arising on acquisition of a going concern by slump sale is depreciable under income tax depreciation provisions was considered. Relying on Supreme Court precedent that goodwill qualifies as "any other business or commercial rights of similar nature," the tribunal held that such goodwill constitutes an intangible asset eligible for depreciation under the statutory depreciation provision. The statutory proviso limiting depreciation to specified transfers (amalgamation, demerger, succession) was held inapplicable to a slump sale between unrelated parties, and therefore the assessee's claim for depreciation on goodwill was allowed.
Whether goodwill arising on acquisition of a going concern by slump sale is depreciable under income tax depreciation provisions was considered. Relying on Supreme Court precedent that goodwill qualifies as "any other business or commercial rights of similar nature," the tribunal held that such goodwill constitutes an intangible asset eligible for depreciation under the statutory depreciation provision. The statutory proviso limiting depreciation to specified transfers (amalgamation, demerger, succession) was held inapplicable to a slump sale between unrelated parties, and therefore the assessee's claim for depreciation on goodwill was allowed.
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