Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Substitution of attached immovable property with a demand draft or fixed deposit is not available as a general matter under Rule 5 of the 2013 Possession Rules. The Tribunal reasoned that the controlling question is statutory authority, not whether the proposed security is of equivalent value, and found no wider power in the 2002 Act or the Rules to permit such replacement outside the specified contingencies. It followed earlier tribunal authority and distinguished consent-based or rule-ignorant orders cited by the applicant. As the case did not fall within Rule 5(5) or Rule 5(6), the request for substitution was dismissed.
Substitution of attached immovable property with a demand draft or fixed deposit is not available as a general matter under Rule 5 of the 2013 Possession Rules. The Tribunal reasoned that the controlling question is statutory authority, not whether the proposed security is of equivalent value, and found no wider power in the 2002 Act or the Rules to permit such replacement outside the specified contingencies. It followed earlier tribunal authority and distinguished consent-based or rule-ignorant orders cited by the applicant. As the case did not fall within Rule 5(5) or Rule 5(6), the request for substitution was dismissed.
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