Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Time-share membership fees received upfront were held to be assessable on a deferred basis where the contract imposed continuing obligations to provide accommodation and related facilities over the membership period. The Court applied the matching principle and accepted the assessee's method of accounting, holding that taxing the entire receipt in the year of receipt would distort true profits because the corresponding liability extended into future years. The obligations were treated as real and subsisting, not merely contingent, and annual maintenance and utility charges were viewed as separate from the membership fee. The deferment of part of the fee over the contract tenure was upheld.
Time-share membership fees received upfront were held to be assessable on a deferred basis where the contract imposed continuing obligations to provide accommodation and related facilities over the membership period. The Court applied the matching principle and accepted the assessee's method of accounting, holding that taxing the entire receipt in the year of receipt would distort true profits because the corresponding liability extended into future years. The obligations were treated as real and subsisting, not merely contingent, and annual maintenance and utility charges were viewed as separate from the membership fee. The deferment of part of the fee over the contract tenure was upheld.
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