Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Declared value of second-hand imported machinery could not be enhanced merely because the Load Port Chartered Engineer's certificate omitted the year of manufacture. The Tribunal found that the importer had produced a valid Load Port certificate and that the goods were consistently identified as used, un-reconditioned machinery, with no dispute on their nature or particulars. Because the Board circular contemplated reliance on a local Chartered Engineer's certificate only where a proper Load Port certificate was absent, rejection of the declared transaction value was unjustified. Redetermination based solely on the local certificate was therefore untenable, and the enhanced valuation was set aside.
Declared value of second-hand imported machinery could not be enhanced merely because the Load Port Chartered Engineer's certificate omitted the year of manufacture. The Tribunal found that the importer had produced a valid Load Port certificate and that the goods were consistently identified as used, un-reconditioned machinery, with no dispute on their nature or particulars. Because the Board circular contemplated reliance on a local Chartered Engineer's certificate only where a proper Load Port certificate was absent, rejection of the declared transaction value was unjustified. Redetermination based solely on the local certificate was therefore untenable, and the enhanced valuation was set aside.
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