Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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Reopening of assessment u/s 147 - Addition u/s 14A read with Rule 8D. "Reason to believe" in Section 147 means cause or justification for the competent authority to reopen assessment after four years with prior approval of jurisdictional Commissioner u/s 151, if income escaped assessment or mistake in assessment. Rule 8D, effective from 24.3.2008, prescribes methodology for determining expenditure disallowance u/s 14A for earning exempt income, applicable from AY 2007-08 onwards. Assessee obligated to provide full material disclosures. Nexus between disallowed expenditure and exempt income required. Interest on loans for investment in new company not exempt u/s 14A read with Rule 8D. Reopening valid if assessment not per law, not change of opinion. No error of law or jurisdiction by AO. Writ petitions dismissed. Statutory appeal remedy available, condonation of delay for writ petition period.
Reopening of assessment u/s 147 - Addition u/s 14A read with Rule 8D. "Reason to believe" in Section 147 means cause or justification for the competent authority to reopen assessment after four years with prior approval of jurisdictional Commissioner u/s 151, if income escaped assessment or mistake in assessment. Rule 8D, effective from 24.3.2008, prescribes methodology for determining expenditure disallowance u/s 14A for earning exempt income, applicable from AY 2007-08 onwards. Assessee obligated to provide full material disclosures. Nexus between disallowed expenditure and exempt income required. Interest on loans for investment in new company not exempt u/s 14A read with Rule 8D. Reopening valid if assessment not per law, not change of opinion. No error of law or jurisdiction by AO. Writ petitions dismissed. Statutory appeal remedy available, condonation of delay for writ petition period.
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