Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Ad hoc disallowance of vehicle depreciation cannot stand without adverse material or a factual basis showing personal use or defective record-keeping; where the assessee asserted log books and audit controls and the Revenue produced no specific rebuttal, the disallowance was treated as arbitrary and deleted. Donations for festivities were held allowable where CBDT circulars covered such payments, and those circulars were binding on the Revenue, so the addition was deleted. For fine and penalty expenditure under section 37(1), the record lacked sufficient factual clarity, and the remand to the Assessing Officer for verification was upheld, leaving that issue open on merits.
Ad hoc disallowance of vehicle depreciation cannot stand without adverse material or a factual basis showing personal use or defective record-keeping; where the assessee asserted log books and audit controls and the Revenue produced no specific rebuttal, the disallowance was treated as arbitrary and deleted. Donations for festivities were held allowable where CBDT circulars covered such payments, and those circulars were binding on the Revenue, so the addition was deleted. For fine and penalty expenditure under section 37(1), the record lacked sufficient factual clarity, and the remand to the Assessing Officer for verification was upheld, leaving that issue open on merits.
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