Split air conditioner classification depends on capacity and refrigeration characteristics, with the specific tariff entry overriding the general desc...
Anti-circumvention measures require provisional assessment and guarantees for Malaysian-exported rock breakers, specified components and alloy steel t...
Audit-based GST fraud demands require evidence of deliberate wrongdoing, with fresh determination and limitation affecting recovery across different y...
Non-woven fabric bag classification follows the textile intermediate, while GST proceedings require reasons, impartial notices and consistent treatmen...
Transitional reassessment notices must be issued within the surviving limitation available under the legal fiction, after prescribed exclusions. Where the new-regime notice is issued after that period, the resulting reassessment is void from inception, non est and incapable of revision because a valid subsisting assessment is a condition precedent for revision. Revision also requires both an erroneous assessment and prejudice to Revenue. Inquiry into exempt long-term capital gains supported by transaction records, contract notes, demat evidence, banking trail and securities transaction tax cannot be treated as erroneous merely because the inquiry was not extensively recorded or further inquiry is considered desirable.
Transitional reassessment notices must be issued within the surviving limitation available under the legal fiction, after prescribed exclusions. Where the new-regime notice is issued after that period, the resulting reassessment is void from inception, non est and incapable of revision because a valid subsisting assessment is a condition precedent for revision. Revision also requires both an erroneous assessment and prejudice to Revenue. Inquiry into exempt long-term capital gains supported by transaction records, contract notes, demat evidence, banking trail and securities transaction tax cannot be treated as erroneous merely because the inquiry was not extensively recorded or further inquiry is considered desirable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Get Daily Updates 
