Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
Page of 4827
Press 'Enter' after typing page number.
341 to 360 of 96536 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT held that commission paid for procuring bonds in a one-time...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inadequate.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
ITAT held that commission paid for procuring bonds in a one-time trading transaction was allowable as business expenditure where payments were made through banking channels with TDS, confirmations, PAN and bank details, and the underlying bond deal was not disputed; suspicion based on non-response of some parties or missing unspecified KYC material was insufficient, so the ad hoc disallowance was deleted. It also deleted disallowance of salary paid to a related party because no specific inquiry was made into the employee's qualifications, experience or work profile, and there was no finding of excessiveness. Business promotion expenditure paid to two HUFs was similarly allowed because invoices, bank payment and identity documents were on record, while the claim relating to Planwell Industries Corporation was not pressed.
ITAT held that commission paid for procuring bonds in a one-time trading transaction was allowable as business expenditure where payments were made through banking channels with TDS, confirmations, PAN and bank details, and the underlying bond deal was not disputed; suspicion based on non-response of some parties or missing unspecified KYC material was insufficient, so the ad hoc disallowance was deleted. It also deleted disallowance of salary paid to a related party because no specific inquiry was made into the employee's qualifications, experience or work profile, and there was no finding of excessiveness. Business promotion expenditure paid to two HUFs was similarly allowed because invoices, bank payment and identity documents were on record, while the claim relating to Planwell Industries Corporation was not pressed.
Note: It is a system-generated summary and is for quick reference only.