Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Revision u/s 263 - The Tribunal observed that for invoking the provision of section 263 of the Act, twin conditions must be satisfied: the order should be erroneous and prejudicial to the interest of Revenue. If the AO adopts one of the plausible views, no prejudice would be caused. - In this case, the redemption of units of Bajaj Alliance and the claim of it as capital gain were made, which is amenable to capital gain tax under section 45 of the Act. - Consequently, the tribunal set aside the impugned order, restoring the findings of the AO.
Revision u/s 263 - The Tribunal observed that for invoking the provision of section 263 of the Act, twin conditions must be satisfied: the order should be erroneous and prejudicial to the interest of Revenue. If the AO adopts one of the plausible views, no prejudice would be caused. - In this case, the redemption of units of Bajaj Alliance and the claim of it as capital gain were made, which is amenable to capital gain tax under section 45 of the Act. - Consequently, the tribunal set aside the impugned order, restoring the findings of the AO.
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