Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Whether rectification under s.154 could sustain levy of tax at 60% under s.115BBE on alleged cash "on-money" from flat sales was examined in light of the appellate deletion of the underlying addition. Since the addition of the impugned sum had already been deleted by a coordinate bench in the quantum proceedings and there was no material showing that such deletion had been reversed or stayed, there was no subsisting income on which the enhanced rate could be applied through rectification. Accordingly, setting aside the s.154 rectification and allowing the taxpayer's appeal was upheld. - ITAT
Whether rectification under s.154 could sustain levy of tax at 60% under s.115BBE on alleged cash "on-money" from flat sales was examined in light of the appellate deletion of the underlying addition. Since the addition of the impugned sum had already been deleted by a coordinate bench in the quantum proceedings and there was no material showing that such deletion had been reversed or stayed, there was no subsisting income on which the enhanced rate could be applied through rectification. Accordingly, setting aside the s.154 rectification and allowing the taxpayer's appeal was upheld. - ITAT
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