Transfer pricing method selection favours TNMM where medical-equipment distribution involves substantial post-import value addition and operational ri...
Post-export shipping bill conversion remains available where contemporaneous evidence supports EPCG benefits despite curable procedural omissions and ...
The HC held that premium paid to secure post-retirement annuity was deductible because it discharged an existing contractual obligation, not a contingent liability. The relevant test was whether the liability had already accrued at the time of payment; the fact that the employee's entitlement to receive the annuity depended on retirement, age, or service conditions did not make the premium itself contingent, especially where the policy provided no refund if the contingency failed. The Court applied Bharat Earth Movers and Metal Box, and held Indian Molasses inapplicable. The Tribunal's view was rejected, the assessee's claim was allowed, and the appellate authority's order was restored.
The HC held that premium paid to secure post-retirement annuity was deductible because it discharged an existing contractual obligation, not a contingent liability. The relevant test was whether the liability had already accrued at the time of payment; the fact that the employee's entitlement to receive the annuity depended on retirement, age, or service conditions did not make the premium itself contingent, especially where the policy provided no refund if the contingency failed. The Court applied Bharat Earth Movers and Metal Box, and held Indian Molasses inapplicable. The Tribunal's view was rejected, the assessee's claim was allowed, and the appellate authority's order was restored.
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