Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
For assessment under s.153C, the dominant issue was whether the "date of search" for computing the ten relevant assessment years is the original search date in the searched person's case or the date on which seized material was received by the AO of the non-searched person under the first proviso to s.153C(1). Applying Explanation (1) to s.153A, the Tribunal held that the receipt date is deemed to be the search date for the non-searched person, and the ten assessment years must be counted backward from the end of the assessment year relevant to the previous year in which such deemed search occurred. Since receipt occurred in AY 2022-23, AY 2012-13 fell outside the permissible block; the Revenue's appeal failed. - ITAT
For assessment under s.153C, the dominant issue was whether the "date of search" for computing the ten relevant assessment years is the original search date in the searched person's case or the date on which seized material was received by the AO of the non-searched person under the first proviso to s.153C(1). Applying Explanation (1) to s.153A, the Tribunal held that the receipt date is deemed to be the search date for the non-searched person, and the ten assessment years must be counted backward from the end of the assessment year relevant to the previous year in which such deemed search occurred. Since receipt occurred in AY 2022-23, AY 2012-13 fell outside the permissible block; the Revenue's appeal failed. - ITAT
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