Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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The ITAT upheld the rejection of the rectification application filed under section 154, affirming that interest income received under section 244A on income tax refunds is taxable as "income from other sources" and must be disclosed in the relevant assessment year. The tribunal distinguished this interest from government-held funds, clarifying that the interest pertains to excess tax paid by the assessee and not government monies. The adjustment of the refund and interest against outstanding demands does not excuse non-disclosure. The tribunal held that the issue of taxability required proper adjudication and could not be rectified as a mistake apparent from record. Consequently, the rectification was correctly denied, and since the assessee failed to challenge the matter through a regular appeal under the assessment order, the appeal was dismissed.
The ITAT upheld the rejection of the rectification application filed under section 154, affirming that interest income received under section 244A on income tax refunds is taxable as "income from other sources" and must be disclosed in the relevant assessment year. The tribunal distinguished this interest from government-held funds, clarifying that the interest pertains to excess tax paid by the assessee and not government monies. The adjustment of the refund and interest against outstanding demands does not excuse non-disclosure. The tribunal held that the issue of taxability required proper adjudication and could not be rectified as a mistake apparent from record. Consequently, the rectification was correctly denied, and since the assessee failed to challenge the matter through a regular appeal under the assessment order, the appeal was dismissed.
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