Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Limitation for rectification was held to run from the operative reassessment order, because settlement under the DTVSV Scheme does not extinguish the reassessment order itself; the rectification application was therefore within time. The Tribunal also held that a pure legal claim based on facts already on record can be raised in rectification and appellate proceedings even without a revised return, and the Goetze restriction does not bind appellate authorities. Applying the purpose test, the fertilizer subsidy under the Nutrient Based Subsidy Policy was treated as a capital receipt, and as a non-taxable capital receipt it was excluded from book profit under section 115JB. Relief was allowed for one year and upheld for the other.
Limitation for rectification was held to run from the operative reassessment order, because settlement under the DTVSV Scheme does not extinguish the reassessment order itself; the rectification application was therefore within time. The Tribunal also held that a pure legal claim based on facts already on record can be raised in rectification and appellate proceedings even without a revised return, and the Goetze restriction does not bind appellate authorities. Applying the purpose test, the fertilizer subsidy under the Nutrient Based Subsidy Policy was treated as a capital receipt, and as a non-taxable capital receipt it was excluded from book profit under section 115JB. Relief was allowed for one year and upheld for the other.
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