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...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Cessation of liability under tax law was not attracted where long-standing foreign trade creditors remained recorded as liabilities and were not written off in the year under review; alleged waivers were reflected and offered to tax only in a later year. The legal principle applied required a cessation of liability in the year and a corresponding benefit to the taxpayer in cash, kind or otherwise; absent evidence that liabilities ceased or that the taxpayer became richer by remission during the year, the prior addition under the cessation rule was deleted.
Cessation of liability under tax law was not attracted where long-standing foreign trade creditors remained recorded as liabilities and were not written off in the year under review; alleged waivers were reflected and offered to tax only in a later year. The legal principle applied required a cessation of liability in the year and a corresponding benefit to the taxpayer in cash, kind or otherwise; absent evidence that liabilities ceased or that the taxpayer became richer by remission during the year, the prior addition under the cessation rule was deleted.
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