Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
HC quashed reassessment proceedings initiated under s.147 against investment entities Top Most Investment, YK Securities, and Glider Investment. While Videocon Industries allegedly diverted bank financing to provide interest-free loans to these entities, the Court found no valid basis to conclude that income had escaped assessment in the recipients' hands. The reassessment notice under s.148A(b) and subsequent order under s.148A(d) failed to establish, even prima facie, how such fund diversion could lead to escaped income for the recipient entities. At most, this could have impacted interest deduction claims by Videocon, but provided no grounds for reopening assessment of the loan recipients.
HC quashed reassessment proceedings initiated under s.147 against investment entities Top Most Investment, YK Securities, and Glider Investment. While Videocon Industries allegedly diverted bank financing to provide interest-free loans to these entities, the Court found no valid basis to conclude that income had escaped assessment in the recipients' hands. The reassessment notice under s.148A(b) and subsequent order under s.148A(d) failed to establish, even prima facie, how such fund diversion could lead to escaped income for the recipient entities. At most, this could have impacted interest deduction claims by Videocon, but provided no grounds for reopening assessment of the loan recipients.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
