Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
Expenditure incurred by a society on garba and advertisement was treated as connected with its cultural, social and educational objects, and the mere fact that payments were made to group concerns or that the activity resulted in a loss did not justify disallowance. The Tribunal found no material showing sham, bogus or object-unrelated expenditure, and noted that the authorities had not rejected the books of account under section 145(3) or identified any express defect in the tax audit report. Applying commercial expediency, it held that the tax authorities could not substitute their view for the assessee's business judgment. The loss disallowance was deleted and the appeal was allowed.
Expenditure incurred by a society on garba and advertisement was treated as connected with its cultural, social and educational objects, and the mere fact that payments were made to group concerns or that the activity resulted in a loss did not justify disallowance. The Tribunal found no material showing sham, bogus or object-unrelated expenditure, and noted that the authorities had not rejected the books of account under section 145(3) or identified any express defect in the tax audit report. Applying commercial expediency, it held that the tax authorities could not substitute their view for the assessee's business judgment. The loss disallowance was deleted and the appeal was allowed.
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