Section 37(1): Delhi High Court allows deduction of FCCB issue expenses as revenue expenditure

Direct Tax/ Income Tax 0
18
Delhi High Court: Pr. Commissioner of Income Tax v. SpiceJet Ltd. The Court dismissed the Revenue appeals, holding that expenditure incurred in connection with the issue of Foreign Currency Convertible Bonds (FCCB’s) is allowable as revenue expenditure under Section 37(1) of the Income Tax Act, 1961. The Assessee had claimed deduction of expenditure incurred …
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Transaction value cannot be rejected merely on the basis of NIDB data without independent evidence satisfying Rule 12 of the Customs Valuation Rules, 2007

Customs 0
44
M/s Wellman Distributors v. Commr. of Customs - CESTAT Chennai Background: The Department enhanced the customs value of imported LED bulbs solely on the basis of NIDB data, resulting in a demand of differential duty, confiscation, redemption fine, and penalty, which was challenged by the importer. Held: The CESTAT, Chennai held that NIDB data alone …
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Orissa High Court: Rashmi Agency v. Deputy Commissioner CT & GST Circles and Ors. Writ Petition No. 17470 of 2026

GST / Goods and Service Tax, Indirect Tax (Old Regime) 0
34
The petitioner sought refund of Rs. 33 lakh deposited during a DGGI investigation, which had been allowed by the First Appellate Authority. However, the Deputy Commissioner refused to consider the refund application on the ground that the Department still had time under Section 112(3) of the CGST Act to file an appeal before the GST …
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