Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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Revision under section 263 was denied because the assessing officer adopted a legally permissible view in treating a 5.24% difference between stamp duty value and sale consideration as non-taxable; such a view is not "erroneous and prejudicial to the interests of revenue" and therefore cannot be reopened as a change of opinion. The article holds that statutory tolerance bands introduced by later Finance Acts (5% then 10%) should be given retrospective, beneficial construction to mitigate hardship, and hence the impugned exercise of revisional power was quashed and relief granted to the assessee.
Revision under section 263 was denied because the assessing officer adopted a legally permissible view in treating a 5.24% difference between stamp duty value and sale consideration as non-taxable; such a view is not "erroneous and prejudicial to the interests of revenue" and therefore cannot be reopened as a change of opinion. The article holds that statutory tolerance bands introduced by later Finance Acts (5% then 10%) should be given retrospective, beneficial construction to mitigate hardship, and hence the impugned exercise of revisional power was quashed and relief granted to the assessee.
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