Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Transparency in technical bid evaluation requires disclosed standards and recorded reasons; opaque scoring invalidated tender awards and required fres...
Automated export obligation extensions remove separate regional applications after committee approval for Advance Authorisation and EPCG authorisation...
International cargo transhipment through Indian ports continues with Customs-controlled storage, re-export safeguards, and coordinated multi-station m...
Under the mercantile system, a continuing obligation to provide promised facilities and amenities over a long-term timeshare membership period gave rise to an accrued, estimable liability, so proportionate revenue recognition was permissible. The Court held that the concept of deferred income is not alien to the Income-tax Act and applied the matching principle to the assessee's advance membership collections. Annual maintenance or utility charges collected separately were not equivalent to the contractual facilities promised under the membership arrangement. The Tribunal erred in taxing the entire membership receipt in the first year, and the substantial questions of law were answered in favour of the assessee.
Under the mercantile system, a continuing obligation to provide promised facilities and amenities over a long-term timeshare membership period gave rise to an accrued, estimable liability, so proportionate revenue recognition was permissible. The Court held that the concept of deferred income is not alien to the Income-tax Act and applied the matching principle to the assessee's advance membership collections. Annual maintenance or utility charges collected separately were not equivalent to the contractual facilities promised under the membership arrangement. The Tribunal erred in taxing the entire membership receipt in the first year, and the substantial questions of law were answered in favour of the assessee.
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