Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Applicability of admissibility rules for investigation statements and electronic records in customs valuation is examined: statements recorded under interrogation provisions cannot be relied upon for rejecting declared transaction value where the certificate and procedural safeguards for electronic records were not complied with, and where statements were retracted; absence of a panchnama for email printouts and noncompliance with the certificate requirement for investigative statements rendered reliance on such material improper, making re-determination of value under valuation rules and consequent penalties unsustainable, resulting in setting aside the valuation rejection and penalty imposition.
Applicability of admissibility rules for investigation statements and electronic records in customs valuation is examined: statements recorded under interrogation provisions cannot be relied upon for rejecting declared transaction value where the certificate and procedural safeguards for electronic records were not complied with, and where statements were retracted; absence of a panchnama for email printouts and noncompliance with the certificate requirement for investigative statements rendered reliance on such material improper, making re-determination of value under valuation rules and consequent penalties unsustainable, resulting in setting aside the valuation rejection and penalty imposition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
