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 an imported vehicle in description, origin, value and seating capacity attracted confiscation, redemption fine, duty and penalty under a scheme operating in distinct fields. The Court held that re-export after payment of redemption fine did not extinguish the importer's separate liability to duty, appropriation and other consequences flowing from improper import; Section 125(2) preserves liability to duty and charges in addition to redemption fine. It also upheld penalty for knowingly using false or incorrect documents, finding that Section 114AA covers making, signing or using materially false declarations and does not require a separate allegation that the importer personally caused falsification. The Tribunal's contrary view was set aside.
Misdeclaration of an imported vehicle in description, origin, value and seating capacity attracted confiscation, redemption fine, duty and penalty under a scheme operating in distinct fields. The Court held that re-export after payment of redemption fine did not extinguish the importer's separate liability to duty, appropriation and other consequences flowing from improper import; Section 125(2) preserves liability to duty and charges in addition to redemption fine. It also upheld penalty for knowingly using false or incorrect documents, finding that Section 114AA covers making, signing or using materially false declarations and does not require a separate allegation that the importer personally caused falsification. The Tribunal's contrary view was set aside.
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