Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
Customs Broker licence proceedings require accurate procedural facts before delay or natural-justice findings can justify setting aside regulatory act...
Provisional assessment finalisation must precede export duty recovery, while redemption fine fails for goods already exported and unavailable for conf...
Profits of the SEZ manufacturing unit were excluded from book profit for AY 2011-12 because the withdrawal of the MAT exclusion operated prospectively from 1 April 2012. Disallowance under section 14A was confined to the amount of exempt income. Claims for deduction under section 10AA on alleged SEZ trading and manufacturing activities failed because the assessee did not produce credible evidence that the eligible operations were actually carried on, and exemption conditions had to be strictly proved. The Tribunal also upheld additions for cessation of trading liability under section 41(1) and unexplained sundry creditors under section 68 for want of proof of subsisting liabilities, identity, creditworthiness and genuineness.
Profits of the SEZ manufacturing unit were excluded from book profit for AY 2011-12 because the withdrawal of the MAT exclusion operated prospectively from 1 April 2012. Disallowance under section 14A was confined to the amount of exempt income. Claims for deduction under section 10AA on alleged SEZ trading and manufacturing activities failed because the assessee did not produce credible evidence that the eligible operations were actually carried on, and exemption conditions had to be strictly proved. The Tribunal also upheld additions for cessation of trading liability under section 41(1) and unexplained sundry creditors under section 68 for want of proof of subsisting liabilities, identity, creditworthiness and genuineness.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
