Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
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Reopening of assessment u/s 147 - Exemption of dividend income and the allowability of short-term capital loss - The Tribunal ruled in favor of the appellant, quashing the reassessment proceedings on the grounds of improper approval and lapse of the prescribed time period. - Regarding the exemption of dividend income and the allowability of short-term capital loss, the Tribunal found the appellant's transactions to be genuine and based on publicly available information. It concluded that the appellant fulfilled the conditions specified in the Income Tax Act, making them eligible for the claimed exemptions. Therefore, the disallowance of exemption for dividend income and the denial of the short-term capital loss claimed were overturned.
Reopening of assessment u/s 147 - Exemption of dividend income and the allowability of short-term capital loss - The Tribunal ruled in favor of the appellant, quashing the reassessment proceedings on the grounds of improper approval and lapse of the prescribed time period. - Regarding the exemption of dividend income and the allowability of short-term capital loss, the Tribunal found the appellant's transactions to be genuine and based on publicly available information. It concluded that the appellant fulfilled the conditions specified in the Income Tax Act, making them eligible for the claimed exemptions. Therefore, the disallowance of exemption for dividend income and the denial of the short-term capital loss claimed were overturned.
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