Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
Appellate authorities may entertain a fresh deduction claim even if no revised return was filed, so long as the material needed to examine the claim is already on record; the restriction on fresh claims applies to the Assessing Officer, not to appellate jurisdiction. Here, the assessee had disclosed that commission expenditure was being deferred for claim on payment, and the Assessing Officer did not reject the claim for want of a revised return. After remand, the Assessing Officer was required to verify the quantum and nature of the commission services but failed to do so despite the details being furnished. The Tribunal also relied on acceptance of similar expenditure in other years, and the High Court held that no substantial question of law arose.
Appellate authorities may entertain a fresh deduction claim even if no revised return was filed, so long as the material needed to examine the claim is already on record; the restriction on fresh claims applies to the Assessing Officer, not to appellate jurisdiction. Here, the assessee had disclosed that commission expenditure was being deferred for claim on payment, and the Assessing Officer did not reject the claim for want of a revised return. After remand, the Assessing Officer was required to verify the quantum and nature of the commission services but failed to do so despite the details being furnished. The Tribunal also relied on acceptance of similar expenditure in other years, and the High Court held that no substantial question of law arose.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
