Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Interest on borrowed capital was held deductible as revenue expenditure because the Tribunal's binding factual finding showed the investments in subsidiary or joint venture concerns were made for business expansion and commercial expediency in the assessee's fertilizer business. The Revenue's contrary view was rejected, and the later remand on actual use of borrowed funds was treated as academic in light of that finding. On rectification, the Court held that a prior liberty to move the Tribunal did not oblige it to allow rectification; no mistake apparent from the record was shown, so dismissal of the miscellaneous petition was proper. The appeal was dismissed.
Interest on borrowed capital was held deductible as revenue expenditure because the Tribunal's binding factual finding showed the investments in subsidiary or joint venture concerns were made for business expansion and commercial expediency in the assessee's fertilizer business. The Revenue's contrary view was rejected, and the later remand on actual use of borrowed funds was treated as academic in light of that finding. On rectification, the Court held that a prior liberty to move the Tribunal did not oblige it to allow rectification; no mistake apparent from the record was shown, so dismissal of the miscellaneous petition was proper. The appeal was dismissed.
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