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...
Classification of computer monitors hinged on their principal description and intended use; the tribunal accepted that monitors designed for computer use are distinguishable from TV/video monitors, affecting tariff treatment, and noted guidance from the Board on residuary entries. The tribunal held that where an importer discharged IGST at 18% by self-assessment, customs could not unilaterally revise that to 28% on reassessment, relying on prior precedent, and therefore set aside orders sustaining 28% IGST. The matter is remitted to the proper officer under section 17(5) of the Customs Act for fresh determination of consequential duty liability.
Classification of computer monitors hinged on their principal description and intended use; the tribunal accepted that monitors designed for computer use are distinguishable from TV/video monitors, affecting tariff treatment, and noted guidance from the Board on residuary entries. The tribunal held that where an importer discharged IGST at 18% by self-assessment, customs could not unilaterally revise that to 28% on reassessment, relying on prior precedent, and therefore set aside orders sustaining 28% IGST. The matter is remitted to the proper officer under section 17(5) of the Customs Act for fresh determination of consequential duty liability.
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