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...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Deductibility of software licence fees was treated as revenue expenditure because licences were limited-term, conferred no enduring benefit, and available material established revenue treatment; disallowance deleted. Depreciation on intangible assets acquired under business transfer agreements was allowed because assets were not recorded or depreciated by transferor, so aggregate deduction did not arise and the sixth proviso to section 32(1) did not apply; AO directed to allow depreciation. Claim to deduct foreign taxes as business expenses under section 37(1) was restored to the AO for factual verification including foreign tax credit and section 40(a)(ii) considerations. Weighted deduction under section 35(2AB) for in house R&D was allowed; alternatively expenditure directed to be considered under section 35(1)(i).
Deductibility of software licence fees was treated as revenue expenditure because licences were limited-term, conferred no enduring benefit, and available material established revenue treatment; disallowance deleted. Depreciation on intangible assets acquired under business transfer agreements was allowed because assets were not recorded or depreciated by transferor, so aggregate deduction did not arise and the sixth proviso to section 32(1) did not apply; AO directed to allow depreciation. Claim to deduct foreign taxes as business expenses under section 37(1) was restored to the AO for factual verification including foreign tax credit and section 40(a)(ii) considerations. Weighted deduction under section 35(2AB) for in house R&D was allowed; alternatively expenditure directed to be considered under section 35(1)(i).
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