Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
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