Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Depreciation at the higher rate for life-saving medical equipment was denied where the assessee's operation theatre, air pipeline system, anaesthesia trolley system and stabilizer were not specifically listed in the depreciation table and were not remotely identical to the notified equipment. On that basis, allowance of depreciation at 40% was treated as a mistake apparent from the record, and rectification under section 154 was upheld. The Tribunal sustained restriction of depreciation to 15% and rejected reliance on the cited High Court ruling because that case involved equipment found identical to the specified machinery, which was not the position here.
Depreciation at the higher rate for life-saving medical equipment was denied where the assessee's operation theatre, air pipeline system, anaesthesia trolley system and stabilizer were not specifically listed in the depreciation table and were not remotely identical to the notified equipment. On that basis, allowance of depreciation at 40% was treated as a mistake apparent from the record, and rectification under section 154 was upheld. The Tribunal sustained restriction of depreciation to 15% and rejected reliance on the cited High Court ruling because that case involved equipment found identical to the specified machinery, which was not the position here.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
