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...
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
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