Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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.
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