Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
Customs officers must wear and use department-issued body-worn cameras when clearing passenger baggage, with daily secure transfer and 30-day retentio...
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ITAT allowed the appeal, holding the notice issued under section 263 to be void ab initio. Applying the apex-court principle that jurisdiction under s.263 arises only where the assessing officer's order is both erroneous and prejudicial to the revenue, the Tribunal found the prerequisite lacking. The AO had issued multiple notices under s.142(1) and the assessee furnished substantiating material evidencing carry-forward losses on share disposals and claiming long-term capital gains exemption under the applicable DTAA. In view of those disclosures and the absence of prejudice to the income-tax administration, the s.263 action could not be sustained and the assessee's appeal was allowed.
ITAT allowed the appeal, holding the notice issued under section 263 to be void ab initio. Applying the apex-court principle that jurisdiction under s.263 arises only where the assessing officer's order is both erroneous and prejudicial to the revenue, the Tribunal found the prerequisite lacking. The AO had issued multiple notices under s.142(1) and the assessee furnished substantiating material evidencing carry-forward losses on share disposals and claiming long-term capital gains exemption under the applicable DTAA. In view of those disclosures and the absence of prejudice to the income-tax administration, the s.263 action could not be sustained and the assessee's appeal was allowed.
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