Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Where the proper officer verifies a certificate of origin under the preferential tariff scheme, provisional release of imported goods must preserve revenue protection. The High Court stressed judicial restraint in revenue matters and required strict compliance with the Act, Rules and Circular governing such verification. Because verification had been delayed, the Court directed completion within three weeks. If the declared country of origin is confirmed, release is to follow in accordance with law; if it is found incorrect or false, provisional release must be supported by a 100% bank guarantee as prescribed in the circular.
Where the proper officer verifies a certificate of origin under the preferential tariff scheme, provisional release of imported goods must preserve revenue protection. The High Court stressed judicial restraint in revenue matters and required strict compliance with the Act, Rules and Circular governing such verification. Because verification had been delayed, the Court directed completion within three weeks. If the declared country of origin is confirmed, release is to follow in accordance with law; if it is found incorrect or false, provisional release must be supported by a 100% bank guarantee as prescribed in the circular.
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