Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
The HC directed that, since the appellate fact-finding by the ITAT attained finality and the petitioner paid the assessed arrears in accordance with the tribunal's order, no further recovery proceedings could be lawfully pursued and the existing attachment must be lifted. Relying on the mandate of s.225(2) of the IT Act, the court ordered the Tax Recovery Officer (TRO) to vacate the attachment dated 10.12.2021 and notify the concerned respondent within four weeks; the receiving respondent was ordered to remove encumbrances in the entry certificate forthwith upon receipt. The court emphasized that the Department remains free to seek recovery only if it succeeds in any subsequent appeal.
The HC directed that, since the appellate fact-finding by the ITAT attained finality and the petitioner paid the assessed arrears in accordance with the tribunal's order, no further recovery proceedings could be lawfully pursued and the existing attachment must be lifted. Relying on the mandate of s.225(2) of the IT Act, the court ordered the Tax Recovery Officer (TRO) to vacate the attachment dated 10.12.2021 and notify the concerned respondent within four weeks; the receiving respondent was ordered to remove encumbrances in the entry certificate forthwith upon receipt. The court emphasized that the Department remains free to seek recovery only if it succeeds in any subsequent appeal.
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