Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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CESTAT allowed the assessee's appeal and set aside the order of the Commissioner (Appeals). It held that the adjudicating authority, having entertained the assessee's amendment-cum-refund request and, after due verification, sanctioned the refund of excess customs duty arising from an erroneous declaration of country of origin in a finally assessed Bill of Entry, acted within jurisdiction. The Tribunal found no legal basis for the Commissioner (Appeals)' view that a separate challenge to the assessment was a precondition for refund. Revenue's failure to guide the assessee on procedure could not defeat a bona fide, verified refund claim.
CESTAT allowed the assessee's appeal and set aside the order of the Commissioner (Appeals). It held that the adjudicating authority, having entertained the assessee's amendment-cum-refund request and, after due verification, sanctioned the refund of excess customs duty arising from an erroneous declaration of country of origin in a finally assessed Bill of Entry, acted within jurisdiction. The Tribunal found no legal basis for the Commissioner (Appeals)' view that a separate challenge to the assessment was a precondition for refund. Revenue's failure to guide the assessee on procedure could not defeat a bona fide, verified refund claim.
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