Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Where the assessment order and demand notice specified "nil" demand, and tax demand arose only subsequently through rectification under s.154, the assessee could not be treated as in default under s.220(1) so as to trigger interest under s.220(2). Interest under s.220(2) can run only after expiry of 30 days from service of a fresh notice of demand under s.156 consequent to the rectification, and cannot be levied for any prior period; an assessee cannot be penalised for the AO's computational error in the original assessment. Interest levied under s.220(2) was held unsustainable and directed to be deleted. - ITAT
Where the assessment order and demand notice specified "nil" demand, and tax demand arose only subsequently through rectification under s.154, the assessee could not be treated as in default under s.220(1) so as to trigger interest under s.220(2). Interest under s.220(2) can run only after expiry of 30 days from service of a fresh notice of demand under s.156 consequent to the rectification, and cannot be levied for any prior period; an assessee cannot be penalised for the AO's computational error in the original assessment. Interest levied under s.220(2) was held unsustainable and directed to be deleted. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
