Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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Rectification was allowed to permit set off of brought forward business losses and unabsorbed depreciation where a mistake apparent on the face of the record rendered the return inconsistent with an earlier rectified income figure. Tribunal held that although a claim for set off was not made in the original return and precedent bars allowing such a claim by letter during assessment, the revised returned income from the rectification order must govern when no fresh additions were made in the assessment conducted after seizure proceedings; consequently the returned income was to be treated like the earlier rectified return and the appeal was allowed.
Rectification was allowed to permit set off of brought forward business losses and unabsorbed depreciation where a mistake apparent on the face of the record rendered the return inconsistent with an earlier rectified income figure. Tribunal held that although a claim for set off was not made in the original return and precedent bars allowing such a claim by letter during assessment, the revised returned income from the rectification order must govern when no fresh additions were made in the assessment conducted after seizure proceedings; consequently the returned income was to be treated like the earlier rectified return and the appeal was allowed.
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