Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
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On the characterisation of gains from sale of shares, the appellate authority accepted documentary evidence showing acquisition in tranches with verifiable dates and costs, and, after a remand report found no discrepancy, held the declared cost and holding period to be correct; the Revenue's plea that the evidence was not before the AO was rejected, and the relief allowing long-term capital loss/confirming short-term capital gain computation was sustained. On salary excess recovered under the Companies Act pursuant to Central Government directions, the recovery was held not to constitute taxable income, following binding precedent, and the addition was deleted. On addition under s.69A for alleged unexplained investment in a US property, the Revenue failed to link the investment to the assessee where family funds and corporate remittance were evidenced; deletion was upheld - ITAT
On the characterisation of gains from sale of shares, the appellate authority accepted documentary evidence showing acquisition in tranches with verifiable dates and costs, and, after a remand report found no discrepancy, held the declared cost and holding period to be correct; the Revenue's plea that the evidence was not before the AO was rejected, and the relief allowing long-term capital loss/confirming short-term capital gain computation was sustained. On salary excess recovered under the Companies Act pursuant to Central Government directions, the recovery was held not to constitute taxable income, following binding precedent, and the addition was deleted. On addition under s.69A for alleged unexplained investment in a US property, the Revenue failed to link the investment to the assessee where family funds and corporate remittance were evidenced; deletion was upheld - ITAT
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