Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Reassessment notices issued u/s 148 for assessment years 2018-19, 2019-20, and 2020-21 were time-barred by limitation. Withdrawal of approval u/s 10(23C)(vi) by the Principal Commissioner of Income Tax (PCIT) was invalid as there were no valid pending proceedings before the Assessing Officer. The second proviso to section 143(3), allowing the Assessing Officer to make a reference, was applicable only from assessment year 2022-23 onwards. The PCIT lacked jurisdiction, as the Commissioner (Exemption) with territorial jurisdiction should have approved or withdrawn the approval. The Appellate Tribunal decided in favor of the assessee, quashing the PCIT's orders withdrawing approval u/s 10(23C)(vi) due to lack of jurisdiction and invalid reassessment proceedings.
Reassessment notices issued u/s 148 for assessment years 2018-19, 2019-20, and 2020-21 were time-barred by limitation. Withdrawal of approval u/s 10(23C)(vi) by the Principal Commissioner of Income Tax (PCIT) was invalid as there were no valid pending proceedings before the Assessing Officer. The second proviso to section 143(3), allowing the Assessing Officer to make a reference, was applicable only from assessment year 2022-23 onwards. The PCIT lacked jurisdiction, as the Commissioner (Exemption) with territorial jurisdiction should have approved or withdrawn the approval. The Appellate Tribunal decided in favor of the assessee, quashing the PCIT's orders withdrawing approval u/s 10(23C)(vi) due to lack of jurisdiction and invalid reassessment proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
