Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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Assessment of whether provisions for gratuity and leave encashment qualify as application of income under the trust exemption. The Tribunal held such provisions are mandated by law, represent accrued and crystallized liabilities as on the balance sheet date, and are required for a true and fair view; it drew an analogy with depreciation as a book entry reflecting correct profits. The expression "applied" must be read commercially to include necessary statutory provisions incurred in furtherance of trust objects. Consequently the Assessing Officer was directed to allow these provisions as application of income and revenue grounds were dismissed.
Assessment of whether provisions for gratuity and leave encashment qualify as application of income under the trust exemption. The Tribunal held such provisions are mandated by law, represent accrued and crystallized liabilities as on the balance sheet date, and are required for a true and fair view; it drew an analogy with depreciation as a book entry reflecting correct profits. The expression "applied" must be read commercially to include necessary statutory provisions incurred in furtherance of trust objects. Consequently the Assessing Officer was directed to allow these provisions as application of income and revenue grounds were dismissed.
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