Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Recovery proceedings u/s 263 were challenged. The Tribunal directed inquiries regarding the correctness of the valuation report, but these directions were allegedly not followed in the assessment order passed on remand. The High Court held that recovery should await the disposal of the appeal, as the demand was based on an assessment order passed prior to the Tribunal's order. 20% of the amounts had already been recovered, and no further recovery would be carried out based on the impugned assessment until the appeal is disposed of. If the assessment is set aside, the assessee would be entitled to a refund along with interest, either as per statute or the interest paid in the cash credit account, whichever is higher. If the assessment is upheld, the assessee would be saved from interest on the amount recovered during the intervening period. There was no need to direct a refund of the 20% already recovered.
Recovery proceedings u/s 263 were challenged. The Tribunal directed inquiries regarding the correctness of the valuation report, but these directions were allegedly not followed in the assessment order passed on remand. The High Court held that recovery should await the disposal of the appeal, as the demand was based on an assessment order passed prior to the Tribunal's order. 20% of the amounts had already been recovered, and no further recovery would be carried out based on the impugned assessment until the appeal is disposed of. If the assessment is set aside, the assessee would be entitled to a refund along with interest, either as per statute or the interest paid in the cash credit account, whichever is higher. If the assessment is upheld, the assessee would be saved from interest on the amount recovered during the intervening period. There was no need to direct a refund of the 20% already recovered.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
