Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
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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