Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Complaint filed u/s 276CC for non-filing of returns. Assessee argued no taxable income and department accepted it. Proviso B of Section 276CC exempts prosecution if tax payable after regular assessment does not exceed Rs. 3,000/-. Principal Commissioner clarified this exemption applies only when regular assessment is framed, which was not done in this case. Court followed Anil Kumar Sinha vs. Union of India and CIT vs. Kerala Chemicals and Proteins Limited judgments, holding assessee does not fall under regular assessment to get exemption under proviso to Section 276CC. Trial already commenced, complainant examined, cross-examination deferred at petitioner's request. Not a fit case for quashing, petitioner to face trial and put forth defense.
Complaint filed u/s 276CC for non-filing of returns. Assessee argued no taxable income and department accepted it. Proviso B of Section 276CC exempts prosecution if tax payable after regular assessment does not exceed Rs. 3,000/-. Principal Commissioner clarified this exemption applies only when regular assessment is framed, which was not done in this case. Court followed Anil Kumar Sinha vs. Union of India and CIT vs. Kerala Chemicals and Proteins Limited judgments, holding assessee does not fall under regular assessment to get exemption under proviso to Section 276CC. Trial already commenced, complainant examined, cross-examination deferred at petitioner's request. Not a fit case for quashing, petitioner to face trial and put forth defense.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
