Home Highlights September 2016 Year 2016 This

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1. Provision for transit breakages - There is no reasonable scientific method adopted by the Assessees to estimate the transit breakages so as to justify creating of...

2. Disallowance of claim made on account of "Contingent provision for standard assets" - provision in question being in the nature of purely a contingent one and there is...

3. Computation of MAT - the contribution to the Molasses reserve fund can be viewed as a provision in nature and it is not an actual liability and the provision created for...

4. Allowance of bad debts - Provision made was pre-matured - It was only contingent liability or notional loss which could not be allowed as an expenditure under provisions...

5. Provision for ascertained liability or contingent liability - Tribunal committed a serious error in law in holding that such ad hoc provision would nevertheless qualify...

6. Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

7. Disallowance on account of provision for expenses made under normal provisions of the Act as well as in the computation of book profits u/s.115JB - The assessee company...

8. Loss in transit - normal loss or not? - import of Crude Palm Oil - benefit of N/N. 12/2012-CUS dated 17.03.2012 - the loss in the given facts and circumstances is a...

9. Detention of Goods – Non availability of E-Transit passes – TNVAT - petitioner's vehicles need not carry E-Transit pass in middle of transit - when subject vehicles,...

10. Transit Declaration form – Possession before entry – Seizure for non-compliance – UP VAT - Act does not specifically provide for seizure of goods for not carrying...

11. Demand of differential duty - Valuation of goods - inclusion of freight and transit insurance in the assessable value - Sale on FOR destination basis - Even though the...

12. Valuation of goods - sound delivery charges recovered by the appellants were not to be added to the assessable value, the bifurcation of the same into freight, insurance...

13. Deferred (contingent) consideration not accrued during relevant previous year as right to receive it was contingent upon achievement of revenue targets. Charging and...

14. CIRP - Approval of the Resolution Plan - Contingent Liability - there are no reason to set aside the Resolution Plan per se except for observing that the RP ought not to...

15. Levy of service tax - Infrastructural services under the category of Business Support Services - Transit / Guest House services provided to group companies - The...