Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Rule 12(3) made e-filing of returns by companies mandatory with effect from 14.05.2007, and neither s.139 nor the CBDT circulars preserved any general option for companies to file manual returns for AY 2008-09. The limited relaxations cited (e.g., Settlement Commission-related difficulty and non-resident agents) did not apply to a company assessee. Given the statutory rule framework and the assessee's prior e-filing history, the manual return filed within time could not cure the belated electronic filing, and the view that CBDT circulars impermissibly overrode the statute was rejected; consequently, the denial of deduction u/s 80-IC on account of belated return was sustained. - HC
Rule 12(3) made e-filing of returns by companies mandatory with effect from 14.05.2007, and neither s.139 nor the CBDT circulars preserved any general option for companies to file manual returns for AY 2008-09. The limited relaxations cited (e.g., Settlement Commission-related difficulty and non-resident agents) did not apply to a company assessee. Given the statutory rule framework and the assessee's prior e-filing history, the manual return filed within time could not cure the belated electronic filing, and the view that CBDT circulars impermissibly overrode the statute was rejected; consequently, the denial of deduction u/s 80-IC on account of belated return was sustained. - HC
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