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...
Whether proceedings under Section 153C were validly initiated: Court held the foundational statutory prerequisite-creation of an asset under the scheme and the fourth proviso to Section 153A-appears absent because the ledger entries relate to expenditure and TDS was deducted, undermining the jurisdictional basis for a Section 153C notice; outcome: petitioner has a plausible ground to oppose the proceedings. Direction to assessing officer to decide petitioner's objections and pass a reasoned order within the specified short period, with communication to petitioner. - HC
Whether proceedings under Section 153C were validly initiated: Court held the foundational statutory prerequisite-creation of an asset under the scheme and the fourth proviso to Section 153A-appears absent because the ledger entries relate to expenditure and TDS was deducted, undermining the jurisdictional basis for a Section 153C notice; outcome: petitioner has a plausible ground to oppose the proceedings. Direction to assessing officer to decide petitioner's objections and pass a reasoned order within the specified short period, with communication to petitioner. - HC
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