Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
The Tribunal reiterated that the amendment enhancing the tax rate under section 115BBE is substantive and applies prospectively. Income surrendered in a survey conducted before the amendment therefore remained taxable only at the rate then in force, not at the enhanced rate introduced later. Relying on binding jurisdictional precedent, it held that where the survey occurred on 22.09.2016, the Revenue could not apply the amended special rate to the surrendered income. The impugned addition was directed to be deleted.
The Tribunal reiterated that the amendment enhancing the tax rate under section 115BBE is substantive and applies prospectively. Income surrendered in a survey conducted before the amendment therefore remained taxable only at the rate then in force, not at the enhanced rate introduced later. Relying on binding jurisdictional precedent, it held that where the survey occurred on 22.09.2016, the Revenue could not apply the amended special rate to the surrendered income. The impugned addition was directed to be deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
