International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
HC upheld the reopening of assessment u/s 147 and declined to quash the notice u/s 143(2). It held that under the Voluntary Disclosure of Income Scheme, 1997, the declarant is protected only from enquiry into the source of income, not from scrutiny of the correctness or completeness of the income disclosed. If higher income comes to the department's notice, the Scheme does not mandate acceptance of the declared figure. Alleged violation of Instruction No. 1984 was rejected as the instructions were prospective and issued after the impugned notice. The writ petition was dismissed, leaving the assessee to raise all objections before the AO and avail the statutory appellate remedies.
HC upheld the reopening of assessment u/s 147 and declined to quash the notice u/s 143(2). It held that under the Voluntary Disclosure of Income Scheme, 1997, the declarant is protected only from enquiry into the source of income, not from scrutiny of the correctness or completeness of the income disclosed. If higher income comes to the department's notice, the Scheme does not mandate acceptance of the declared figure. Alleged violation of Instruction No. 1984 was rejected as the instructions were prospective and issued after the impugned notice. The writ petition was dismissed, leaving the assessee to raise all objections before the AO and avail the statutory appellate remedies.
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