International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
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Section 43B requires specified deductions only in the year of actual payment; a contractual transfer of employee liabilities to a third party does not constitute payment for Section 43B purposes, so deductions for leave encashment and bonus claimed without actual payment were disallowed. The tribunal applied the principle that statutory obligations cannot be shifted by contract to secure a deduction and rejected reliance on inapposite authorities. Further, adjustments made during processing under the return (u/s 143(1)(a)) were held permissible where the disallowance was apparent and not a debatable question. The appellate order deleting the adjustment was set aside and the assessment adjustment upheld.
Section 43B requires specified deductions only in the year of actual payment; a contractual transfer of employee liabilities to a third party does not constitute payment for Section 43B purposes, so deductions for leave encashment and bonus claimed without actual payment were disallowed. The tribunal applied the principle that statutory obligations cannot be shifted by contract to secure a deduction and rejected reliance on inapposite authorities. Further, adjustments made during processing under the return (u/s 143(1)(a)) were held permissible where the disallowance was apparent and not a debatable question. The appellate order deleting the adjustment was set aside and the assessment adjustment upheld.
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