Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Section 35DDA payments linked to voluntary retirement schemes are amortisable over five years, but terminal benefits like gratuity and leave encashment are distinct service-linked benefits and are allowable in full where separately identified; denial based on later-enacted payment-timing provisions was rejected. Consideration for assignment of self-generated trademarks before the prospective amendment bringing trademarks within capital asset definition is a capital receipt because acquisition cost cannot be ascertained. Compensation for transfer of marketing rights and related know how is capital where the transfer extinguishes the assessee's income earning apparatus and deprives it of future exploitation rights.
Section 35DDA payments linked to voluntary retirement schemes are amortisable over five years, but terminal benefits like gratuity and leave encashment are distinct service-linked benefits and are allowable in full where separately identified; denial based on later-enacted payment-timing provisions was rejected. Consideration for assignment of self-generated trademarks before the prospective amendment bringing trademarks within capital asset definition is a capital receipt because acquisition cost cannot be ascertained. Compensation for transfer of marketing rights and related know how is capital where the transfer extinguishes the assessee's income earning apparatus and deprives it of future exploitation rights.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
