Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
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