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 dismissed the Revenue's appeal and upheld the CIT(A)'s treatment of surrendered survey income as business income taxable at normal rates rather than under special rates. The tribunal held that where the AO had earlier accepted, in the assessment for AY 2017-18, that additional amounts declared during survey were business receipts chargeable at normal rates, the Revenue could not reclassify identical surrender in the subsequent year under section 69B read with section 115BBE absent a change in material facts. The ITAT found no infirmity in deletion of tax computed at special rates for excess stock and expenditure, and affirmed the deletion of additions made under sections 69B/69C r.w.s.115BBE.
ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s treatment of surrendered survey income as business income taxable at normal rates rather than under special rates. The tribunal held that where the AO had earlier accepted, in the assessment for AY 2017-18, that additional amounts declared during survey were business receipts chargeable at normal rates, the Revenue could not reclassify identical surrender in the subsequent year under section 69B read with section 115BBE absent a change in material facts. The ITAT found no infirmity in deletion of tax computed at special rates for excess stock and expenditure, and affirmed the deletion of additions made under sections 69B/69C r.w.s.115BBE.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
