Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
Validity of MEIS scrips is determined at the time they are used for import. Where the scrips were issued by DGFT and were valid on the date of import, the customs benefit cannot be denied merely because the scrips were later modified to reduce the duty credit rate. The Tribunal applied its earlier view that subsequent cancellation or modification does not affect imports already completed during the period of validity, and held that this principle applies equally to utilisation by the original holder or a transferee. The demand of duty, interest and penalty based on the later modification was therefore unsustainable.
Validity of MEIS scrips is determined at the time they are used for import. Where the scrips were issued by DGFT and were valid on the date of import, the customs benefit cannot be denied merely because the scrips were later modified to reduce the duty credit rate. The Tribunal applied its earlier view that subsequent cancellation or modification does not affect imports already completed during the period of validity, and held that this principle applies equally to utilisation by the original holder or a transferee. The demand of duty, interest and penalty based on the later modification was therefore unsustainable.
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