Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not disclose any income escaping assessment as the effect of loss and profit was nil. No information showed assessee earned any income not offered to tax. No correlation was established between assessee's transactions resulting in equal loss and profit and observations of Apex Court or SEBI order on manipulative reversal trades. Merely referring to Apex Court order and SEBI observations without co-relating assessee's identical loss and profit contracts was insufficient to conclude income escaped assessment. No effect on assessee's income due to F&O loss and profit. Reasons recorded cannot be said to form reason to believe income escaped assessment for assuming jurisdiction u/s 148 to reopen assessment for the year. Decided in favor of assessee.
Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not disclose any income escaping assessment as the effect of loss and profit was nil. No information showed assessee earned any income not offered to tax. No correlation was established between assessee's transactions resulting in equal loss and profit and observations of Apex Court or SEBI order on manipulative reversal trades. Merely referring to Apex Court order and SEBI observations without co-relating assessee's identical loss and profit contracts was insufficient to conclude income escaped assessment. No effect on assessee's income due to F&O loss and profit. Reasons recorded cannot be said to form reason to believe income escaped assessment for assuming jurisdiction u/s 148 to reopen assessment for the year. Decided in favor of assessee.
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