Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Written acceptance of an enhanced import value does not, by itself, extinguish the importer's right to challenge reassessment or rejection of the declared transaction value. The Tribunal noted that the importers' letters sought provisional or final clearance on payment under protest, so the facts were not of unconditional consent simpliciter. Relying on Niraj Silk Mills and Hanuman Prasad & Sons, it held that such acceptance may relieve the proper officer of issuing a speaking order under Section 17(5), but it does not amount to abandonment of the statutory right to dispute the reassessment. Orders rejecting the appeals solely on that basis were therefore unsustainable and were set aside.
Written acceptance of an enhanced import value does not, by itself, extinguish the importer's right to challenge reassessment or rejection of the declared transaction value. The Tribunal noted that the importers' letters sought provisional or final clearance on payment under protest, so the facts were not of unconditional consent simpliciter. Relying on Niraj Silk Mills and Hanuman Prasad & Sons, it held that such acceptance may relieve the proper officer of issuing a speaking order under Section 17(5), but it does not amount to abandonment of the statutory right to dispute the reassessment. Orders rejecting the appeals solely on that basis were therefore unsustainable and were set aside.
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