Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Whether freight charged to buyers for consignments on a "freight to pay" basis must be included in assessable value under the valuation rules was addressed; tribunal applied the flow-back/benefit test and prior rulings holding that buyer-paid freight for goods cleared through consignment agents at consignment depot is not includible in assessable value, and therefore excluded such freight from valuation. The tribunal also applied judicial discipline by following its earlier decisions for the same taxpayer/periods rather than divergent precedents, and accordingly set aside the impugned order and allowed the appeal with consequential relief.
Whether freight charged to buyers for consignments on a "freight to pay" basis must be included in assessable value under the valuation rules was addressed; tribunal applied the flow-back/benefit test and prior rulings holding that buyer-paid freight for goods cleared through consignment agents at consignment depot is not includible in assessable value, and therefore excluded such freight from valuation. The tribunal also applied judicial discipline by following its earlier decisions for the same taxpayer/periods rather than divergent precedents, and accordingly set aside the impugned order and allowed the appeal with consequential relief.
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