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...
Validity of reopening was examined with emphasis on limitation and newly inserted procedural safeguards; since the notice was time-barred the reopening was quashed. Taxation of undisclosed on-money receipts was assessed by estimating profit element; in absence of records the appellate authority adopted a 17% profit estimate on receipts, and allowed telescoping credit for income voluntarily declared under the disclosure scheme, treating declaration as sufficient without source specification. Additions on account of unsecured loans were rejected where the taxpayer proved identity and creditworthiness of lenders with confirmations, PANs, bank statements and subsequent bank repayments; source-of-source proof was not required and acceptance of repayment precluded current year addition.
Validity of reopening was examined with emphasis on limitation and newly inserted procedural safeguards; since the notice was time-barred the reopening was quashed. Taxation of undisclosed on-money receipts was assessed by estimating profit element; in absence of records the appellate authority adopted a 17% profit estimate on receipts, and allowed telescoping credit for income voluntarily declared under the disclosure scheme, treating declaration as sufficient without source specification. Additions on account of unsecured loans were rejected where the taxpayer proved identity and creditworthiness of lenders with confirmations, PANs, bank statements and subsequent bank repayments; source-of-source proof was not required and acceptance of repayment precluded current year addition.
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