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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...
Interplay between Sections 153C and 147 of the Income Tax Act, specifically whether recourse to Section 147 is available when the Assessing Officer (AO) is empowered to proceed u/s 153C. It was held that Section 153C enables the AO to assess or reassess income where incriminating assets, material, or documents are found during a search u/s 132 or requisition u/s 132A in respect of another person. However, in the present case, the jurisdictional conditions to initiate proceedings u/s 153C were not satisfied as the AO of the searched person did not record a satisfaction note and transmit relevant material to the Assessee's AO. The reassessment proceedings were initiated u/s 147 based on information received from the Investigation Wing regarding the Assessee's purchase of penny stock units. Since the AO did not assume jurisdiction u/s 153C, the non-obstante clause of Section 153C would not override Sections 147, 148, and 149, and the decision to reassess u/s 147 was upheld.
Interplay between Sections 153C and 147 of the Income Tax Act, specifically whether recourse to Section 147 is available when the Assessing Officer (AO) is empowered to proceed u/s 153C. It was held that Section 153C enables the AO to assess or reassess income where incriminating assets, material, or documents are found during a search u/s 132 or requisition u/s 132A in respect of another person. However, in the present case, the jurisdictional conditions to initiate proceedings u/s 153C were not satisfied as the AO of the searched person did not record a satisfaction note and transmit relevant material to the Assessee's AO. The reassessment proceedings were initiated u/s 147 based on information received from the Investigation Wing regarding the Assessee's purchase of penny stock units. Since the AO did not assume jurisdiction u/s 153C, the non-obstante clause of Section 153C would not override Sections 147, 148, and 149, and the decision to reassess u/s 147 was upheld.
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