From our Legal Corner - tomorrow's cases

By Vijay Kumar

Income Tax

Goodwill not eligible for depreciation but other assets like telecast rights entitled to depreciation - Deferred Revenue expenditure eligible for deduction - Mere entry in books cannot disentitle claim of deduction of expenses which assessee entitled to claim as per provisions of IT Act : ITAT

Customs

Smuggling of ghee! No label on container showing date of manufacture, quantity, batch number and expiry date - assumed to be smuggled - liable to confiscation?

Central Excise

Excise - valuation - goods manufactured by EOU out of indigenous inputs would be deemed to have been manufactured in DTA unit - clearances to sister unit - Rule 8 of Valuation Rules applies : CESTAT

See our columns tomorrow for the judgements