Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
A provision for warranty computed by reference to past experience and a scientific estimation constitutes a present obligation and therefore an ascertained liability; it does not qualify as an amount set aside for unascertained liabilities and so is not subject to add-back in the computation of book profit under the tax regime's alternate profit measure. Reliance on prior higher court authority supporting allowance where liabilities are reasonably estimable was applied. The addition of the warranty provision to book profit was deleted, and the deletion of the addition under the normal tax provisions was sustained against Revenue's challenge.
A provision for warranty computed by reference to past experience and a scientific estimation constitutes a present obligation and therefore an ascertained liability; it does not qualify as an amount set aside for unascertained liabilities and so is not subject to add-back in the computation of book profit under the tax regime's alternate profit measure. Reliance on prior higher court authority supporting allowance where liabilities are reasonably estimable was applied. The addition of the warranty provision to book profit was deleted, and the deletion of the addition under the normal tax provisions was sustained against Revenue's challenge.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
