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 carnet exemption turned on residency and absence of prohibited activity; the tribunal found no bar to an Indian citizen resident abroad using a carnet and no evidence the appellant undertook paid employment or gainful occupation during the visit, so ineligibility alleged by the adjudicating authority did not apply. The car remained under customs control and prior or subsequent conduct was irrelevant to notification administration. Consequently, confiscation under customs law lacked legal authority and the fines and penalties imposed were set aside, allowing the appeal.
Applicability of carnet exemption turned on residency and absence of prohibited activity; the tribunal found no bar to an Indian citizen resident abroad using a carnet and no evidence the appellant undertook paid employment or gainful occupation during the visit, so ineligibility alleged by the adjudicating authority did not apply. The car remained under customs control and prior or subsequent conduct was irrelevant to notification administration. Consequently, confiscation under customs law lacked legal authority and the fines and penalties imposed were set aside, allowing the appeal.
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