Expenses for overseas film shooting treated as services availed outside India, so no reverse charge service tax liability; cenvat reversals and penalt...
Electricity consumptionbased clandestine production estimates under the repealed Central Excise Act found insufficient; demand quashed and appeals all...
Page of 4817
Press 'Enter' after typing page number.
6561 to 6580 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
LIC premium paid to secure annuity for retiring employee-partners under a partnership arrangement was held deductible because it discharged a present contractual obligation already accrued, not a contingent liability. The retirement, age, or service conditions only determined when the annuity became payable; they did not make the premium itself contingent. In the absence of any clause for refund of premium on non-fulfilment of those conditions, Indian Molasses was inapplicable. Applying Bharat Earth Movers and Metal Box, the HC held that an accrued liability remains deductible even if discharged later. The Tribunal's view was rejected, the deduction was allowed, and the appellate authority's order was restored.
LIC premium paid to secure annuity for retiring employee-partners under a partnership arrangement was held deductible because it discharged a present contractual obligation already accrued, not a contingent liability. The retirement, age, or service conditions only determined when the annuity became payable; they did not make the premium itself contingent. In the absence of any clause for refund of premium on non-fulfilment of those conditions, Indian Molasses was inapplicable. Applying Bharat Earth Movers and Metal Box, the HC held that an accrued liability remains deductible even if discharged later. The Tribunal's view was rejected, the deduction was allowed, and the appellate authority's order was restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
