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...
ITAT partially allows appeal, directing AO to re-examine multiple tax issues. Key holdings include: (1) Government grant of Rs. 150 crores transferred to implementing agency is not taxable income; (2) disallowed interest expenditure of Rs. 547.50 crores requires fresh assessment considering accounting treatment; (3) unexplained investment provisions under section 69 incorrectly invoked against state undertaking; (4) unrecorded rental income from National Housing Board to be verified with already accounted amounts; (5) brought forward business loss set-off to be re-examined; and (6) interest under sections 234A and 234B to be recomputed based on final income determination. Matter substantially restored to Assessing Officer for detailed re-evaluation.
ITAT partially allows appeal, directing AO to re-examine multiple tax issues. Key holdings include: (1) Government grant of Rs. 150 crores transferred to implementing agency is not taxable income; (2) disallowed interest expenditure of Rs. 547.50 crores requires fresh assessment considering accounting treatment; (3) unexplained investment provisions under section 69 incorrectly invoked against state undertaking; (4) unrecorded rental income from National Housing Board to be verified with already accounted amounts; (5) brought forward business loss set-off to be re-examined; and (6) interest under sections 234A and 234B to be recomputed based on final income determination. Matter substantially restored to Assessing Officer for detailed re-evaluation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
