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...
Imported geophysical seismic survey equipment comprising interconnected instrument systems was classified by applying Section XVI Note 4 as a functional unit performing geophysical surveying, warranting classification under CTI 9015 80 30 as "Geophysical instruments"; specified sensing/emission components retained this classification even if imported separately, while the controller, if imported alone, was classifiable as parts under CTI 9015 90 00, and other spares/parts were to be classified per Chapter Notes 1-2 to Chapter 90. Although Chapter 90 goods satisfy the tariff-entry condition under Sr. No. 404 of Notification 50/2017-Cus, exemption was held conditional and available only if the importer proves specified-person/sub-contractor status and furnishes prescribed certifications/documents at import, failing which benefit is denied. - AAR
Imported geophysical seismic survey equipment comprising interconnected instrument systems was classified by applying Section XVI Note 4 as a functional unit performing geophysical surveying, warranting classification under CTI 9015 80 30 as "Geophysical instruments"; specified sensing/emission components retained this classification even if imported separately, while the controller, if imported alone, was classifiable as parts under CTI 9015 90 00, and other spares/parts were to be classified per Chapter Notes 1-2 to Chapter 90. Although Chapter 90 goods satisfy the tariff-entry condition under Sr. No. 404 of Notification 50/2017-Cus, exemption was held conditional and available only if the importer proves specified-person/sub-contractor status and furnishes prescribed certifications/documents at import, failing which benefit is denied. - AAR
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