Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
