BCD exemption for specified display assembly inputs extended for automotive, medical and industrial applications, with defined exclusions and sunset d...
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
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