Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
CESTAT considered whether payments to a foreign supplier's local agent and linked product support/service payments form part of assessable transaction value under the Customs Valuation Rules, applying the transaction value and arm's length principles and Rule 9(1)(e). The tribunal upheld the adjudicating authority's factual findings on valuation and declined Revenue's challenge for lack of fresh specifics, while exercising discretion under the Customs Act to substantially reduce the penalty under the discretionary penalty provision given mitigating factors including ongoing Supreme Court litigation and public sector status; appeal by Revenue dismissed and importer appeal partly allowed.
CESTAT considered whether payments to a foreign supplier's local agent and linked product support/service payments form part of assessable transaction value under the Customs Valuation Rules, applying the transaction value and arm's length principles and Rule 9(1)(e). The tribunal upheld the adjudicating authority's factual findings on valuation and declined Revenue's challenge for lack of fresh specifics, while exercising discretion under the Customs Act to substantially reduce the penalty under the discretionary penalty provision given mitigating factors including ongoing Supreme Court litigation and public sector status; appeal by Revenue dismissed and importer appeal partly allowed.
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