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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The article examines application of the second proviso to section 153A, holding that initiation of search causes pending assessments to abate and post-search completion under section 143(3) is invalid; consequentially the 143(3) order was quashed. It emphasises that additions under section 153A are confined to incriminating material unearthed in search and deleted an addition for alleged suppressed sales for lack of cogent evidence. It further recognises prior period maintenance and sales tax/VAT write offs as allowable business expenditure under section 37(1), and treats write off of capital work in progress on an abandoned retail project as revenue expenditure where no enduring asset resulted.
The article examines application of the second proviso to section 153A, holding that initiation of search causes pending assessments to abate and post-search completion under section 143(3) is invalid; consequentially the 143(3) order was quashed. It emphasises that additions under section 153A are confined to incriminating material unearthed in search and deleted an addition for alleged suppressed sales for lack of cogent evidence. It further recognises prior period maintenance and sales tax/VAT write offs as allowable business expenditure under section 37(1), and treats write off of capital work in progress on an abandoned retail project as revenue expenditure where no enduring asset resulted.
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