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...
The High Court quashed the impugned notice u/s 148A(b), order u/s 148A(d), and consequential notice u/s 148, holding that the interest income derived from Non-convertible Debentures floated by Genpact India Private Limited was appropriately offered to tax u/s 194LD. The Court observed a manifest variation between the initial reasons recorded for reassessment and the final order disposing of objections. Furthermore, even if the payment were assumed to be dividend, the liability to pay tax would be on the company declaring or paying the dividend, not the recipient. The Court also noted that issues emanating from the CIT(IT)'s order u/s 263 are pending adjudication in another appeal, which cannot sustain the reassessment proceedings impugned herein.
The High Court quashed the impugned notice u/s 148A(b), order u/s 148A(d), and consequential notice u/s 148, holding that the interest income derived from Non-convertible Debentures floated by Genpact India Private Limited was appropriately offered to tax u/s 194LD. The Court observed a manifest variation between the initial reasons recorded for reassessment and the final order disposing of objections. Furthermore, even if the payment were assumed to be dividend, the liability to pay tax would be on the company declaring or paying the dividend, not the recipient. The Court also noted that issues emanating from the CIT(IT)'s order u/s 263 are pending adjudication in another appeal, which cannot sustain the reassessment proceedings impugned herein.
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