CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Claimed royalty for use of a logo was held deductible under the business expenditure test because the assessee produced the agreement and evidence and the payment was established as wholly and exclusively for business, so the royalty addition was deleted. An addition for undervaluation of closing stock was disallowed applying the consistency principle in stock valuation and tax neutrality of corresponding opening stock adjustments, because the assessee consistently excluded freight as in prior years. A capital subsidy granted as an industrial incentive was not required to be reduced from asset cost under the cited cost-reduction exception, so the related addition was deleted.
Claimed royalty for use of a logo was held deductible under the business expenditure test because the assessee produced the agreement and evidence and the payment was established as wholly and exclusively for business, so the royalty addition was deleted. An addition for undervaluation of closing stock was disallowed applying the consistency principle in stock valuation and tax neutrality of corresponding opening stock adjustments, because the assessee consistently excluded freight as in prior years. A capital subsidy granted as an industrial incentive was not required to be reduced from asset cost under the cited cost-reduction exception, so the related addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
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