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 ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Limitation on carry forward of capital losses was applied: the Tribunal found the assessee did not rebut the revenue's contention or show entitlement to set off a carry forward capital loss beyond the eight succeeding assessment years in which the loss was first computed, and upheld the disallowance of that setoff. On deductibility, the Tribunal treated interest received on enhanced/delayed compensation as income from other sources and held it deductible under the statutory provision governing interest deductions, setting aside the appellate finding and directing the Assessing Officer to allow the deduction accordingly.
Limitation on carry forward of capital losses was applied: the Tribunal found the assessee did not rebut the revenue's contention or show entitlement to set off a carry forward capital loss beyond the eight succeeding assessment years in which the loss was first computed, and upheld the disallowance of that setoff. On deductibility, the Tribunal treated interest received on enhanced/delayed compensation as income from other sources and held it deductible under the statutory provision governing interest deductions, setting aside the appellate finding and directing the Assessing Officer to allow the deduction accordingly.
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