Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Unrealised mark-to-market gains on a forward commodity derivative were held not taxable before actual accrual or maturity because income must have really accrued to be brought to tax under mercantile accounting. Applying Woodward Governor and Godhra Electricity, the Court held that fluctuating gains and losses on a forward contract remain notional until expiry, so anticipated gains reflected in accounts do not lose their unrealised character merely due to accounting treatment. The deletion of the addition was upheld, with the clarification that tax consequences on maturity would follow in accordance with law.
Unrealised mark-to-market gains on a forward commodity derivative were held not taxable before actual accrual or maturity because income must have really accrued to be brought to tax under mercantile accounting. Applying Woodward Governor and Godhra Electricity, the Court held that fluctuating gains and losses on a forward contract remain notional until expiry, so anticipated gains reflected in accounts do not lose their unrealised character merely due to accounting treatment. The deletion of the addition was upheld, with the clarification that tax consequences on maturity would follow in accordance with law.
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