Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Section 40(a)(ia) disallowance applies only to expenditure actually claimed as a deduction in computing business income; where TDS-defaulted amounts remained capitalised in work-in-progress and were not charged to the profit and loss account, no current-year disallowance was warranted. Even under the percentage completion method, the decisive question was whether the expense had entered the year's computation, and the balance had to be adjusted in work-in-progress to avoid later deduction without compliance. The audit report could not override the actual accounting treatment. The Tribunal therefore upheld the CIT(A)'s limited verification approach and dismissed the Revenue's appeal.
Section 40(a)(ia) disallowance applies only to expenditure actually claimed as a deduction in computing business income; where TDS-defaulted amounts remained capitalised in work-in-progress and were not charged to the profit and loss account, no current-year disallowance was warranted. Even under the percentage completion method, the decisive question was whether the expense had entered the year's computation, and the balance had to be adjusted in work-in-progress to avoid later deduction without compliance. The audit report could not override the actual accounting treatment. The Tribunal therefore upheld the CIT(A)'s limited verification approach and dismissed the Revenue's appeal.
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