Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
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...
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The HC set aside deletions of additions relating to notional interest on advances to subsidiaries, holding that the assessee's reliance on commercial expediency and its later omission to charge interest had not been properly verified and required fresh examination by the appellate authority. It also held that a bad debt claim could not be allowed without an actual write-off in the accounts after 01.04.1989, with party-wise details and relevant records needed to apply the Supreme Court authorities correctly; that issue was remitted for reconsideration. Relief on the amount debited to the share premium account was likewise set aside because the factual basis for deletion under the actual payment requirement was inadequate, and the matter was remanded to the CIT (Appeals).
The HC set aside deletions of additions relating to notional interest on advances to subsidiaries, holding that the assessee's reliance on commercial expediency and its later omission to charge interest had not been properly verified and required fresh examination by the appellate authority. It also held that a bad debt claim could not be allowed without an actual write-off in the accounts after 01.04.1989, with party-wise details and relevant records needed to apply the Supreme Court authorities correctly; that issue was remitted for reconsideration. Relief on the amount debited to the share premium account was likewise set aside because the factual basis for deletion under the actual payment requirement was inadequate, and the matter was remanded to the CIT (Appeals).
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