Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Misdeclaration of imported goods in quantity, description and valuation justified rejection of the declared transaction value, as the importer's unretracted Section 108 statement admitted the errors and accepted reassessment. The Tribunal held that admitted facts required no further proof and that, where identical goods data was unavailable, value could be redetermined under Rule 5 using contemporary import data of similar goods. In a self-assessment regime, the importer remained responsible for correct declaration and could not avoid liability by blaming the supplier. On that basis, confiscation under Sections 111(l) and 111(m), redemption fine and penalty under Section 114A were upheld, and the appeal was dismissed.
Misdeclaration of imported goods in quantity, description and valuation justified rejection of the declared transaction value, as the importer's unretracted Section 108 statement admitted the errors and accepted reassessment. The Tribunal held that admitted facts required no further proof and that, where identical goods data was unavailable, value could be redetermined under Rule 5 using contemporary import data of similar goods. In a self-assessment regime, the importer remained responsible for correct declaration and could not avoid liability by blaming the supplier. On that basis, confiscation under Sections 111(l) and 111(m), redemption fine and penalty under Section 114A were upheld, and the appeal was dismissed.
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