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...
The ITAT held that the assessment completed by the AO under section 144, exercising best judgment due to inadequate compliance by the assessee, cannot be deemed erroneous or prejudicial to the revenue's interest. The AO's discretion under section 144 is absolute and not subject to revision merely because the PCIT disagrees with the profit estimation or considers the enquiry inadequate. The tribunal found the invocation of revision powers under section 263 unjustified as the AO had appropriately exercised statutory authority after considering all relevant material. Consequently, the revision order passed by the PCIT was set aside, and the appeal filed by the assessee was allowed, affirming the validity of the assessment order completed under section 144.
The ITAT held that the assessment completed by the AO under section 144, exercising best judgment due to inadequate compliance by the assessee, cannot be deemed erroneous or prejudicial to the revenue's interest. The AO's discretion under section 144 is absolute and not subject to revision merely because the PCIT disagrees with the profit estimation or considers the enquiry inadequate. The tribunal found the invocation of revision powers under section 263 unjustified as the AO had appropriately exercised statutory authority after considering all relevant material. Consequently, the revision order passed by the PCIT was set aside, and the appeal filed by the assessee was allowed, affirming the validity of the assessment order completed under section 144.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
