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...
Allowability of business expenditure: the tribunal applied its prior assessment-year finding on identical facts that power and fuel costs from a captive power plant were genuine business expenses utilised for manufacturing, and therefore upheld deletion of their disallowance against the assessee. Disallowance under Rule 8D: the tribunal reiterated that disallowance calculated under the rule cannot exceed the amount of exempt income for the year, rejected reliance on an administrative circular to enlarge the disallowance, and sustained the CIT(A)'s restriction to exempt income. Appeals allowed for the assessee; revenue appeals dismissed.
Allowability of business expenditure: the tribunal applied its prior assessment-year finding on identical facts that power and fuel costs from a captive power plant were genuine business expenses utilised for manufacturing, and therefore upheld deletion of their disallowance against the assessee. Disallowance under Rule 8D: the tribunal reiterated that disallowance calculated under the rule cannot exceed the amount of exempt income for the year, rejected reliance on an administrative circular to enlarge the disallowance, and sustained the CIT(A)'s restriction to exempt income. Appeals allowed for the assessee; revenue appeals dismissed.
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