Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
Customs Broker licensing proceedings fail when their offence-report foundation collapses and authorisation, advisory, and KYC duties remain unbreached...
Tariff classification of Digital Axle Counters affirmed as electro-mechanical railway signalling equipment, eliminating duty, confiscation and penalty...
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 
TaxTMI 
of 4878 
