Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Provision for a society Cadre Fund was held deductible as business expenditure under section 37 because it constituted a present obligation under AS 29, with probable outflow and reliable estimation, and therefore was not a contingent liability. Applying Bharat Earth Movers, the Tribunal held that a business liability once incurred and reasonably estimable remains deductible even if discharged later. The Tribunal also relied on consistent accounting treatment, prior departmental acceptance, and coordinate-bench precedents on identical facts, and found the disallowance unsustainable. The addition was directed to be deleted.
Provision for a society Cadre Fund was held deductible as business expenditure under section 37 because it constituted a present obligation under AS 29, with probable outflow and reliable estimation, and therefore was not a contingent liability. Applying Bharat Earth Movers, the Tribunal held that a business liability once incurred and reasonably estimable remains deductible even if discharged later. The Tribunal also relied on consistent accounting treatment, prior departmental acceptance, and coordinate-bench precedents on identical facts, and found the disallowance unsustainable. The addition was directed to be deleted.
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